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| Commodity News |
| HeadLine : |
Gold prices edge higher on soft dollar |
| Date : |
Jan 2 2020 |
Gold prices rose slightly on Thursday as the dollar remained on the back foot on signs of progress in trade ties between the United States and China. Spot gold gained 0.1% to $1,518.60 per ounce. Prices hit their highest since Sept. 25 at $1,525.20 on Dec.31. U.S. gold futures were down 0.1% to $1,521.60.The dollar started the new year under pressure as investors wagered U.S. economic outperformance could be coming to an end as optimism on trade brightens the outlook for growth
globally. A weaker greenback makes commodities priced in dollars, such as precious metals, cheaper for holders of other currencies. On the trade front, U.S. President Donald Trump said on Tuesday the Phase 1 trade deal with China would be signed on Jan. 15 at the White House, although investors still awaited details of the agreement. China's central bank said on Wednesday it was cutting the amount of cash that all banks must hold as reserves, releasing around 800 billion yuan in funds to shore up the slowing economy.
Source : Reuters
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