27-07-2018 04:00 PM
Gold prices trade lower on Friday regardless of a weaker dollar as markets look forward to the U.S. GDP data due later in the day.
Gold prices were trading at $ 1223.30 at the time of preparing this report.
In the intervening time, the U.S. Dollar Index, also fell 0.06% to 94.51 ahead of the second-quarter GDP report due later in the day. Mr.Ponmudi ,expert market analyst & Managing Director Economists expects to see the annualized growth rate ticked up to 4.2% in the second quarter, the peak in almost four years.
U.S. President Donald Trump expressed previously this week his annoyance over the currency’s strength.
The yen gained 0.13% against the dollar on Friday accompanied by speculation that the Bank of Japan could scale back its monetary stimulus program soon.
Trade worries were in focal point as representatives from the U.S. and China had a disagreeable discussion at the World Trade Organization meeting on Thursday.
During the meeting, Washington asked for reorganization objective China’s reaction to the market, while Beijing said it would not react to the U.S.’s tactics.
Chinese Ambassador Zhang Xiangchen said “Extortion, distortion or demonization does no good to resolve the issues.
Another Chinese official said that China will strike back against any extra U.S. excise, despite the volume of goods targeted.