Gold prices ease as firmer dollar weighs


Gold prices fell on Tuesday as the dollar gained, making the bullion costlier for investors holding other currencies, but fears of a global economic slowdown fuelled by intensifying US-China trade war kept prices near multi-year high.

FUNDAMENTALS

Spot gold was down 0.3 per cent at $1,525.64 per ounce at 0111 GMT, lingering near its highest level since April 2013 at $1,554.56 hit last week.

US gold futures were up 0.3 per cent at $1,533.8 an ounce.

The dollar index was at its highest in more than two years against a basket of currencies, while global stocks were hit by US-China trade frictions.

China has lodged a complaint against the United States at the World Trade Organization over US import duties, the Chinese Commerce Ministry said on Monday.

Prime Minister Boris Johnson implicitly warned lawmakers on Monday that he would seek an election if they tied his hands on Brexit, ruling out ever countenancing a further delay to Britain’s departure from the European Union.

Lawmakers will decide on Tuesday whether to move Britain one step closer to an early election when they vote on the first stage of their plan to block Johnson from pursuing a no-deal Brexit.

Euro zone manufacturing activity contracted for a seventh month in August as a continued decline in demand sapped optimism, a survey showed, likely strengthening expectations for monetary easing from the European Central Bank next week.

Indian custom officials have seized 1,197.7 kg of smuggled gold in the April-June quarter, an increase of 23.2 per cent compared with the same period a year ago, a government official said on Monday.

READ  UK dividends hit record with £100 billion mark in sight

The Perth Mint’s silver sales soared 18.7 per cent in August from a month earlier, the refiner said on Monday, while gold product sales inched higher.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here