Gold futures advanced as investors return from a long weekend in the U.S. following the latest round of tit-for-tat tariffs between the world’s two biggest economies.
Silver and platinum, which have been playing catch-up with gold, also gained even as the dollar traded at the highest in more than two years, making precious metals more expensive in other currencies. Spot gold traded slightly higher.
Gold futures +0.7% at $1,540.30/oz; spot gold +0.2%. Bloomberg Dollar Spot Index +0.1%, earlier reached highest level since May 2017. Silver futures as much as +1.9% to $18.685/oz, close to highest since November 2016 reached last week. Platinum gains while palladium declines.
Chinese and U.S. officials are struggling to agree on the schedule for a planned meeting this month, according to people familiar with the discussions. Mounting political uncertainty in the U.K. over Brexit and violent confrontations in Hong Kong are also supporting demand for safe havens.
Source : Bloomberg