MTECHTIPS;-Gold Prices Hits 1-1/2-week High Ahead of U.S.-EU Trade Talks

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MTECHTIPS;-Gold Prices Hits 1-1/2-week High Ahead of U.S.-EU Trade Talks

MTECHTIPS- Gold prices trader higher for a second-consecutive session on Wednesday, as a weak dollar continued to support the precious metal and investors looked ahead to trade talks between the U.S. and the European Union. At 11:11 AM ET (15:11 GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained $3.60, or 0.29%, to $1,229.10 a troy ounce, pulling off an intraday high of $1,234.30, its strongest level since July 16. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.03% to 94.36. A weaker greenback makes the dollar-denominated metal more affordable for holders of other currencies. Markets were focused on a meeting over trade between U.S. President Donald Trump and European Commission chief Jean-Claude Juncker to begin Wednesday at 1:30 PM ET (17:30 GMT). Talks are expected to center on the auto industry amid heightened trade tensions between Europe and Washington. Last month, the U.S. slapped tariffs on steel and aluminum imports from the EU, which led to Europe putting 25% tariffs on bourbon whiskey, peanut butter, motorcycles and jeans.

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