Gold Price Rebounds From Three-week Low As Dollar Softens

November 1, 2018

New York (Nov 1)  Gold prices rose sharply on Thursday, rebounding from a three-week low hit in the previous session as the dollar index eased on reports of progress in Brexit negotiations.

Spot gold was up 0.90% at USD1,223.19 an ounce, after losses in the previous three sessions. US old futures were up 1.03% at USD1,224.80 an ounce.

The dollar dipped against both the euro and pound on the buzz that the UK and the EU clinched a tentative deal that would grant UK companies continued approach to European markets after Brexit.

The UK and EU negotiators entered into a tentative deal on all aspects of a future partnership on services, as well as the exchange of data, the Times reported.

Meanwhile, nothing is set in stone right now on whether US President Donald Trump will implement more tariffs on China, White House economic adviser Larry Kudlow told CNBC on Wednesday.


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