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Gold subdued as trade optimism weighs, but soft US dollar cap losses

From brecorder.com

Gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses for bullion. Spot gold was down 0.1% at $3,363.91 per ounce, as of 0243 GMT. However, bullion has gained 0.4% so far this week. U.S. gold futures fell 0.2% to $3,365.50.“Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market,” OANDA senior market analyst Kelvin Wong said. “However, the dollar is in a weakening bias and ... (full story)

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  • Category: Fundamental Analysis