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Gold At Over One-month High

Tue, 4th Dec 2018 11:21

WASHINGTON (Alliance News) - Gold prices rose on Tuesday to trade at over one-month highs as the dollar continued to weaken after the G20 summit over the weekend in Argentina.

Spot gold jumped 1.6% to USD1,239.10 while US gold futures were up 0.4% at USD1,244.60 per ounce.

The dollar index is weakening after the US 10-year Treasury yields fell to 2.94%, the lowest level since mid September, amid rising bets that the Federal Reserve would slow the pace of it rate hikes after a December rise.

After delivering a fourth rate hike at the December 18-19 meeting, it is widely expected that the Fed will soften its tone on future rate rises.

The dollar's weakness also comes amid the backdrop of a tariff postponement in the US-China trade conflict.

The US and China have called a temporary truce in their trade war, but there is confusion over how the two countries will find common ground on a range of issues in the next three months.

According to media reports, US President Donald Trump has appointed Robert Lighthizer, one of his cabinet's most strident trade hawks, to oversee the next round of trade negotiations with China.

Copyright RTT News/dpa-AFX

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