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Gold Futures Settle Lower As Dollar Extends Gains

Mon, 11th Feb 2019 19:19

WASHINGTON (Alliance News) - Gold prices declined on Monday, as the US dollar strengthened against major currencies amid lingering worries about global economic slowdown.

Weak GDP data from the UK sent the Pound Sterling tumbling against the greenback.

The dollar and the yellow metal, both considered safe haven options by investors, have been attracting traders, taking turns now and then, as equities keep losing ground due to growth concerns, Brexit uncertainty and the ongoing US-China trade war.

Today, despite stocks heading higher amid mild optimism about upcoming US-China trade negotiations, the dollar has gained in strength.

The Dollar Index rose to 96.91 today, gaining about 0.5%, on safe haven appeal. With today's rise, the greenback is extending its winning run to a seventh successive session.

The dollar gained about 0.6% against British Pound after UK's Gross Domestic Product fell to 1.3% in the final quarter, falling well short of expectations. Quarter-on-quarter, GDP growth slowed to 0.2%.

Gold futures for April ended down USD6.60, or 0.5%, at USD1,311.90 an ounce.

On Friday, gold futures settled at USD1,318.50 an ounce, gaining USD4.30, or 0.3%.

Silver futures for March ended down USD0.119, at USD15.690 an ounce, while Copper futures for March settled at USD2.7900, down USD0.0205 for the session.

Preliminary lower level talks between China and the US official began in Beijing today. Later in the week, US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer are scheduled to visit Beijing to continue trade negotiations.

Copyright RTT News/dpa-AFX

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