Gold regains footing as dollar falls

Economies.com
2019-12-09 11:55AM UTC

Gold prices rose during the European session on Monday, to recover some of previous losses hit on Friday, which comes on the US dollar's drop against a basket of currencies.

 

Gold prices rose by 0.3% to $1,473.78, after opening at $1,469.25, and hit a session-low of $1,458.61.

 

The yellow metal lost 1.1% on Friday, its second daily loss in 3 days, and largest since Nov.7, after upbeat jobs data in the US.

 

During last week, gold prices lost 0.3%, to post the second weekly loss in 3 weeks, due to diminished safe-haven demand.

 

The US dollar index fell by 0.1% against its rivals, after hitting a pause on Friday, as sell-off continued which comes in favour of dollar-denominated metals.

 

This drop in US dollar is due to investors' risk aversion after the release of weak Chinese data and the lingering uncertainty about the US-China trade talks while the date of the US tariffs decision approaches on $156 billion worth of Chinese goods, which is due Dec.15.

 

Gold holdings at the SPDR Gold Trust Fund, fell on Friday by 2.34 metric tons, to a total of 886.23 mt (the lowest since Sept.18).

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