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Gold prices steady as U.S.-China trade optimism pressures dollar


Monday, 20 August 2018 08:56 WIB

GOLDEMAS Spot EmasEmas berjangka


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Gold prices held steady on Monday after making up some ground from 19-month lows hit last week, supported by mild weakness in the U.S. dollar on hopes trade tensions between the United States and China could be easing.

Spot gold was mostly unchanged at $1,184.24 an ounce at 00:37 GMT. Last week, it touched its lowest since January 2017 at $1,159.96.

The metal fell 2.2 percent last week, recording a sixth consecutive weekly decline. It was also gold’s worst weekly performance since December 2017.

U.S. gold futures were up 0.6 percent at $1,191.60 an ounce.

Gold has tumbled over 14 percent from its April high as a rally in the greenback made dollar-priced bullion more expensive for buyers using other currencies.

Investors seeking a safe place to store assets amid trade disputes and a Turkish currency crisis have preferred the dollar to gold, undermining the reputation of bullion as a safe-haven.

However, news of planned U.S.-China trade talks and a partial recovery in Turkey’s lira have steadied investor nerves slightly.

China and the United States will hold lower-level trade talks this week to resolve an escalating tariff war that threatens to engulf all trade between the world’s two largest economies.

Source: Reuters


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