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Gold Gains On Dollar Weakness

Thu, 10th Jan 2019 11:22

WASHINGTON (Alliance News) - Gold prices moved higher on Thursday as the dollar slipped amid the weeks-long federal government shutdown and growing expectations that the US Federal Reserve will pause its rate tightening cycle this year.

Also, trade talk hopes faded as three days of trade negotiations between mid-level American and Chinese officials ended in Beijing without significant breakthroughs.

Spot gold rose 0.32% to USD1,293.37 per ounce while US gold futures were up 0.15% at 1,293.95 per ounce.

Investors fear that the US government shutdown, now in its 20th day, could have both short- and long-term effects on the economy.

President Donald Trump walked out of talks on Wednesday over funding for a border wall with Mexico and reopening the government, calling the talks with Democratic congressional leaders "a total waste of time".

Minutes from the latest Fed meeting released on Wednesday revealed a dovish approach to rate hikes this year as the economy shows signs of weakening.

Copyright RTT News/dpa-AFX

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