Gold steady after falling the most in about 2 weeks as trade tensions ease
Gold was little changed on Wednesday after falling in the previous session as concerns about a potential trade war between the United States and China eased which supported the dollar and reduced the incentive to hold bullion as a safe-haven asset.
U.S. gold futures GCcv1 for April delivery rose 0.1 percent to $1,343.40 per ounce.
"The gold price is mainly driven by the U.S. dollar," said Ji Ming, chief analyst, Shandong Gold Group.
"The risk of trade war is shrinking, which is good for the U.S. dollar, so maybe by end of this week the U.S. dollar will not be that weak."
The dollar recovered from the five-week low as concerns of a global trade war were eased by optimistic news that the U.S. and China were set to begin trade negotiations, after earlier exchanging threats.
Gold, which is sought as a store of value in times of political and financial uncertainty, becomes less expensive when the greenback weakens.
Oil prices fall on surprise U.S. inventory rise; China crude volatile
Oil prices fell on Wednesday, with Brent dropping back below $70 per barrel and U.S. West Texas Intermediate crudes dipping below $65, pulled down by a report of increasing U.S. crude inventories that surprised many traders.
U.S. WTI crude futures CLc1 were at $64.71 a barrel by 0356 GMT, down 54 cents, or 0.8 percent, from their previous settlement.
Brent crude futures LCOc1 were at $69.65 per barrel, down 46 cents, or 0.7 percent.
Traders said the dips came after the American Petroleum Institute (API) late on Tuesday reported a surprise 5.3 million barrels rise in crude sticks in the week to March 23, to 430.6 million barrels. U.S. inventory data will be published by the Energy Information Administration (EIA) late on Wednesday.
Get Free Silver Tips With Accurate Calls By Our Expert Researcher, Amazing MCX Bullion Tips, Commodity Trading Tips, Crude Oil Tips...
For More Detail You Can Call On:- 9977499927
No comments:
Post a Comment