04-07-2018 04:30 PM
Gold prices climbed to a one-week high on Wednesday morning as a diminishing dollar held up buying in the precious metal.
Gold was trading at $1257.70 at the time of preparing this report.
Trade worries was in centre as traders anticipate the July 6 deadline when the U.S. trade excise on $34 billion in Chinese goods are due to happen. In retort, China has announced that it would retaliate with duties on the same value of U.S. products.
According to Mr.Ponmudi, Head of research and Managing Director of Enrich Commodities – “Gold is likely to move back up to the $1,300 level, with market outlook to become less aggressive on the interest rate viewpoint.”
With the Independence Day holiday falling today, trading movement is likely to be dull as the U.S. markets are closed. On the other hand, U.S. dollar weakness can be noted across the board against other currencies.