Gold gains ground as dollar slips for first session in nine

2019-02-12 06:55:23 GMT (
Gold gains ground as dollar slips for first session in nine

Gold futures tilted higher in Asian trade as the dollar index backed off December 18 highs, amid a lack of US data today while investors await US-China trade talks. 


As of 03:22 GMT, gold futures due in April rose 0.03% to $1,312.00 an ounce, while the dollar index slipped 0.06% to 97.01, on track to snap the longest winning streak since November 2016. 


Federal Reserve Chair Jerome Powell will deliver a speech titled "Economic Development in High Poverty Rural Communities" at the Hope Enterprise Corporation Rural Policy Forum, in Mississippi, later today, while investors await the second round of US-China trade talks in Beijing later this week. 


Now investors await the third round of US-China trade talks, with US treasury secretary Steven Mnuchin and other officials heading to Beijing later this week to resume negotiations. 


US President Donald Trump recently said he doesn't intend to meet with Chinese leader Xi Jinping before the early March deadline for their truce, rousing concerns in the markets about returning tariffs if no deal was reached in time. 


Former Federal Reserve Chair Janet Yellen surprised the markets by saying the next move by the Fed will probably a rate hike as the global economy slows down and weighs on the US. 


Global Gold Council 


Global Gold Council's recent data showed purchases by global central banks rose to 1967 highs last year at 651.5 tonnes, up 74% from 2017 levels, with highest bidders being China, Poland, and Russia. 


The council estimated global consumption of gold rose to 4,345.1 tonnes last year from 4,159.9 tonnes, while jewels demand steadied at 2,200 tonnes. 


Demand from financial institutions on the other hand tumbled 67% from 2017 levels.

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