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Gold Drops as Trump-Mexico Deal Counters Bullish Bets


Monday, 10 June 2019 09:40 WIB

GOLDEMAS


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Gold fell after President Donald Trump suspended his plans for tariffs on Mexico, boosting equities and curbing demand for a haven.

Asian stocks and U.S. equity futures climbed on Trump’s announcement Friday that he wouldn’t impose a sliding scale of tariffs on goods from Mexico after that nation agreed to take a tougher stance on immigration. Gold climbed 2.7% last week, the most since 2016, as U.S. employers added the fewest workers in three months and wage gains cooled -- bolstering bets on easier monetary policy. Hedge funds boosted their long position in bullion by the most in almost 12 years.

Spot gold -0.8% to $1,330.54/oz. Prices touched $1,348.31 on Friday, highest since April 2018.

Source : Bloomberg


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