MTECHTIPS;-Gold Prices Gain Amid Weaker Dollar

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MTECHTIPS;-Gold Prices Gain Amid Weaker Dollar

MTECHTIPS-Gold prices gained on Wednesday as dollar weakened after the U.S. slapped tariffs on $50 billion worth imports from China. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange gained $1.70, or 0.13%, to $1,339.0 a troy ounce by 12:24 AM ET (04:24 GMT). Trading tensions were cited as a catalyst for the buying as investors stayed away from risk assets. The Trump administration proposed on Tuesday to impose 25%tariffs on nearly $50 billion worth of made-in-China products – around 1,300 industrial technology, transport and medical products to be particular. Meanwhile, the U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 89.76, down 0.10%. %. It dropped from an overnight high at 89.92 to below the 89.80 level. 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

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