Gold Prices Gain As Dollar Loses Momentum
Tuesday,
24-Apr-2018
10:37 AM (IST)
Gold prices rose on Tuesday morning as the dollar slightly dropped despite higher 10-year U.S. treasury yields.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $4.20, or 0.32%, to $1,328.2 a troy ounce.The U.S. dollar index that tracks the greenback against a basket of six major currencies shed 0.03% to 90.66.On earlier Tuesday morning, the dollar rallied along with the higher yields on U.S. Treasuries that hit a four-year high, then started to lose its momentum. The dollar, however, hit a new high since March 1 as United States 10-Year reached 2.99% for the first time in more than four years.Also weighing on gold prices was weaker demand for safe-haven assets after geopolitical tensions eased following easing U.S-China trade-war fears and amid signs of progress toward peace talks on the Korean peninsula.U.S. Treasury Secretary Steven Mnuchin said on Saturday he may travel to China to discuss trade-related issues, while North Korea’s leader Kim Jong Un said he might be open to putting nuclear tests on hold.In other precious metal trade, silver futures gained 0.44% to $16.660 a troy ounce, and platinum futures slipped 0.05% to $924.40 an ounce.
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