MTECHTIPS;-Gold Prices Slip Despite Weaker Dollar

Spread the love

MTECHTIPS;-Gold Prices Slip Despite Weaker Dollar

MTECHTIPS-Gold prices slipped on Tuesday, giving up its earlier gains despite a weaker dollar amid the escalating trade dispute between China and the U.S. Gold futures for April delivery on the Comex division of the New York Mercantile Exchange slipped $4.40, or 0.33%, to $1,342.50 a troy ounce by 12:00 AM ET (04:00 GMT). The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 89.66, down 0.03%, extending its losses from an overnight high at 89.78. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a fall in the dollar makes gold cheaper for holders of foreign currency and thus increases demand for the precious metal. Gold prices pushed higher earlier in the day as risk aversion accelerated following a selloff in U.S. technology shares and escalated concerns of a full blown trade wars after China slapped new tariffs on U.S. goods on Sunday

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips