Gold Prices Decline As Dollar Stays Firm
London (Feb 11) Gold prices are lower Monday morning as the dollar is gaining ground against most major currencies amid lingering concerns about global economic growth.
Weak GDP data from the UK sent the Pound Sterling tumbling against the greenback and the Euro this morning.
The yellow metal and the dollar have been taking turns as the safe haven options of investors as equities keep falling now and then amidst rising concerns about the global economy.
The Dollar Index is currently up 0.13% at 96.77, after advancing to a high of 96.87 earlier.
Gold futures for April are declining USD7.70, or 0.58%, at 1,310.80 an ounce.
On Friday, gold futures for April ended up USD4.30, or 0.3%, at USD1,318.50 an ounce.
Silver futures for March are down USD0.89, or 0.56%, at 15.720 an ounce, while Copper futures for March are lower by USD0.0155, or 0.55%, at USD2.7950 per pound.
The US dollar is higher against major rivals as traders, treading cautiously, look ahead to ahead to the next round of US-China trade talks in Beijing.
The preliminary level discussions have begun in Beijing today. Later in the week, US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer will head high-level trade talks in Beijing.
Investors are also closely following the developments on Brexit.
AllianceNews
