Gold prices stabilized on Tuesday, where they were raised near its lowest level in three weeks, as the decline of fears of a global customs war and the rise of the dollar resulted in the decline in the gravity of the yellow metal as a safe haven.
The instant gold price settled at $ 3318.79 an ounce, starting from 02:10 GMT. The alloys have recorded its lowest level since July 9 in the previous session.
US gold futures increased by 0.2 percent to $ 3317.50.
Gold trading is still at about 3300 dollars or less attention to buyers. While the short -term market dynamics, thanks to the trade agreements and the power of the US dollar, do not support gold, but given the future, there is still a possibility to rise, according to Tim Water, the chief market analyst at KCM Trade.
On Monday, senior US and Chinese economists in Stockholm met for more than five hours of talks, with the aim of resolving long -term economic conflicts that constitute the axis of a trade war between the two largest economies in the world, in an effort to extend the truce for three months.
The United States concluded a framework trade agreement with the European Union on Sunday, as it imposed a 15 percent customs tariff on most of the European Union goods – that is, half of the threatened rate – which led to the avoidance of a broader trade war between the two allies representing nearly a third of global trade.
The US dollar index settled near its highest level in more than a week, making gold more expensive for buyers with other currencies.
Investors are awaiting a set of US macroeconomic data this week, including inflation numbers and employment report, as well as the two -day FBI meeting, and begins later in the day, with expectations indicating the stability of interest rates.
Waterter said that if the weaker American economic statements appear, or if Trump’s criticism of the FBI pushed to adopt a more moderate approach this week, this may be positive for gold.
The instant silver price decreased by 0.2 percent to $ 38.10 an ounce, while platinum increased by 0.5 percent to $ 1396.35, and palladium decreased by 1.2 percent to 1231.55 dollars.
