Gold closes lower as dollar rises
Gold closed lower today, retreating from earlier gains as dollar rose against most major currencies due to the ease of the trade war concerns.
Trump’s administration decided to delay the tariffs increase on several Chinese imports until mid-December.
Additionally, the US Treasury Department canceled tariffs on several other imports, and Trump commented that the decision is due to the Christmas season.
As of 19:00 GMT, dollar rose against a basket of major currencies by 0.4% to 97.7 points, with a high of 97.8 and a low of 97.3.
Gold futures fell by 0.2% to close at $1514.10 per ounce, with a high of $1546.10 and a low of $1488.9.
Dollar rises on Trump's decision
US dollar rose today as global market's concerns over the US-China trade war eased after the US President Trump's decision.
Dollar also drew support from the US consumer price index data, which rose by 0.3% last month, higher than forecasts of 0.2%.
Trump’s administration decided to delay the tariffs increase on several Chinese imports until mid-December, and the US Treasury Department canceled tariffs on some other imports.
This temporarily exempted imports included iPhone mobiles, clothing, shoes, Xbox gaming devices and video games manufactured in China.
Meanwhile, by 17:31 GMT, dollar rose by 0.4% to 97.7 points, with a high of 97.8 points and a low of 97.3.
Oil extends gains as Brent jumps by 5%
Oil rose today as market’s hopes increased after Trump’s administration announcement which has eased the US-China trade dispute.
Trump’s administration decided to delay the tariffs increase on several Chinese imports until mid-December.
Which comes instead of Trump's decision to impose a 10% tariffs increase on Chinese imports worth $300 billion as of September 1st.
Devices such as cell phones, video games and clothes were exempted from the decision.
As of 16:30 GMT, dollar rose by 0.4% to 97.7 points, with a high of 97.8 and a low of 97.3.
In oil market, By 16:25 GMT, WTI rose by 4.3% to $57.3 per barrel, with a high of $57.4 and a low of $54.2.
Brent jumped by 5% to $61.3 per barrel, with a high of $61.4 and a low of $58.
Copper rises 2% as trade tensions ease
Copper rose today as US-China trade tensions eased after US officials announced intensive calls with the Chinese side, which have boosted market's hopes about demand on metals.
US Treasury Secretary Steven Mnuchin said President Trump's administration has delayed the tariffs increase decision on several Chinese imports until mid-December.
Which comes instead of Trump's decision to impose a 10% tariffs increase on Chinese imports worth $300 billion as of September 1st.
As of 14:45 GMT, dollar vs. a basket of currencies rose by 0.4% to 97.7 points, with a high of 97.8 and a low of 97.3.
By 14:41 GMT, copper futures (September delivery) rose by 2% to $2.632 per pound, with a high of $2.638 and a low of $2.567.