Investing.com – Prices of safe-haven gold moved slightly higher on Wednesday morning in Asia after an overnight dip.
for April delivery on the Comex division of the New York Mercantile Exchange were up 0.24% to $1,287.85 a troy ounce by 11:05 PM ET (4:05 AM GMT) on Wednesday morning.
The yellow metal recovered despite a firmer dollar, which was supported by data out on Tuesday that showed a rebound in U.S. housing and services activity. The data eased concerns over a slowdown in the world’s biggest economy.
The that tracks the greenback against a basket of six major currencies rose 0.07% to 96.863.
A stronger U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
On Tuesday, China lowered its GDP growth target for 2019 to 6% to 6.5% amid its unresolved trade spat with the U.S., which underpinned the U.S. dollar. Gold prices remained little changed at a one-month low.
In mid-February, gold prices rose to around $1,349 but then took a hit and have been hovering below $1,290 since then.
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Source: Investing.com
