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The price of gold fell slightly, supporting the dollar due to trade tensions









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发表于 2018-9-4 16:45:46 | 显示全部楼层 |阅读模式
The price of gold fell slightly on Monday, as concerns over the escalation of trade conflicts between the United States and other countries supported the dollar to stay near a one-week high.
A stronger dollar makes gold denominated in dollars more expensive for buyers using other currencies, potentially reducing consumption. The relationship between the trend of gold and the US dollar this year has overshadowed the impact of gold safe-haven buying and demand.

US President Trump said on Saturday that there is no need to leave Canada in the North American Free Trade Agreement (NAFTA) and warned the US Congress not to interfere in trade negotiations, otherwise he will completely terminate NAFTA.

In addition, Bloomberg News reported on Thursday that Trump is preparing to rapidly expand its trade war with China. He has told assistants that he will be ready to add another $200 billion to China’s imports as soon as the public comment period ends next week. Tariffs.

"As long as the trade war worries support the dollar's continued strength, the price of gold will be under pressure," said Nitesh Shah, commodity strategist at ETF Securities.

Spot gold XAU= closed down 0.03% to $1,200.4 per ounce. The US main December gold futures GCcv1 rose $0.30, or 0.02%, to $1,207.00 an ounce.

Carlo Alberto De Casa, principal analyst at ActivTrades, said that if the price of gold rebounds to $1,210, it is likely to rise further to $1,230; but if it falls below $1,200, it will test $1,180 and the next support of $1,160.

There are some signs that the bearish sentiment in the market has started to change slightly. The net short position of the New York Mercantile Exchange (COMEX) gold contract for the first time in August was reduced for more than a month.

As investors look for clues to the pace of US interest rate hikes, US economic data released this week may affect gold prices, including Tuesday's manufacturing survey and Friday's non-farm payrolls report.

The position of SPDR Gold, the world's largest gold exchange-traded fund (ETF), continues to be settled. The fund's gold holdings have fallen more than 13% from the peak hit at the end of April.

Spot silver XAG = closed slightly lower at $14.46 an ounce, after hitting a low of $14.37 for more than two weeks.

Spot Platinum XPT= closed up 0.1% to $783.50 an ounce. Spot palladium XPD= closed lower at $978.5 an ounce and hit a 10-week high of $984.97 on Friday.


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