18-09-2018 05:45 PM
Gold prices traded moderately higher on Wednesday as the dollar diminished subsequent to the latest trade news.
Gold prices were weighed heavy from the beginning of the year and dropped 12% since April in the middle of mounting interest rates and intensifying U.S.-China trade disagreement.
According to Mr.Sunil Kumar, Market Expert & Director at Enrich Commodities – Gold is expected to trade range bound between $1,190-$1,210 for the short & medium term.
The US Dollar Index was down 0.07% at 94.16. The dollar dropped after Beijing proclaimed on Tuesday corrective duty that targeted more than 5,000 U.S. products worth $60 billion.
China’s Ministry of Finance said in a statement - The new duty would be brought into effect on Sep 24.
According to news - The country’s commerce ministry also filed a complaint to the World Trade Organization (WTO) against the U.S.