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Alliance News

Gold Settles Higher, As Dollar Slides

Wed, 12th Sep 2018 20:04

WASHINGTON (Alliance News) - Gold prices edged higher on Wednesday, extending gains to a second straight day, as the US dollar weakened against some major currencies on reports that Canada was ready to make concessions on its protected dairy sector in order to reach a trade agreement by the October 1 deadline.

The dollar index weakened to 94.75, down 0.30 points, or 0.33% from previous close after having advanced to 95.27 earlier. According to some media reports the US was reaching out to China for a new round of trade talks.

China is also reportedly putting off accepting license applications from American businesses hoping to operate in the country, as the Trump administration prepares to impose tariffs on all USD500 billion-plus imports from China.

Earlier, China said on Tuesday that it would seek permission from the World Trade Organization next week to impose sanctions on US goods in retaliation for Washington's non-compliance with a ruling in a dispute over dumping duties.

Gold futures for December gained USD8.70, or 0.7%, a they settled at USD1,210.90 an ounce, the best settlement price in two weeks. On Tuesday, gold futures ended up USD2.40, or 0.20%, at USD1,202.20 an ounce.

Silver futures for December edged up by USD0.140 to USD14.293 an ounce, while Copper futures for December settled at USD2.6760 per pound, gaining USD0.0545 for the session.

According to a report from the Labor Department, producer prices in the US unexpectedly dropped in the month of August. The report said the producer price index for final demand edged down by 0.1% in August after coming in unchanged in July. Economists had expected prices to rise by 0.2%.

Excluding food and energy prices, core producer prices still edged down by 0.1% in August following a 0.1% uptick in July. Core prices had been expected to increase by 0.2%.

Traders looked ahead to the Federal Reserve's Beige Book, due for release later in the day, for further clues about the outlook for interest rates.

Copyright RTT News/dpa-AFX

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