Gold Prices Fall After Hitting Six-Year High

Published July 1st, 2019 - 09:34 GMT
Gold prices fell more than 1 per cent, their lowest in a week.
Gold prices fell more than 1 per cent, their lowest in a week. (Shutterstock)

After hitting a six-year high last week, the yellow metal fell 1.1% on Monday to reach $1,393.16 per ounce.

{"preview_thumbnail":"https://cdn.flowplayer.com/6684a05f-6468-4ecd-87d5-a748773282a3/i/v-i-9…","video_id":"97565128-80d2-46ba-b525-e3be1351c097","player_id":"8ca46225-42a2-4245-9c20-7850ae937431","provider":"flowplayer","video":"Top 10 Best Economy Class Airlines 2019 "}

Analysts claim that hopes of a trade deal between the United States and China the fall is a result of the improved risk appetite, while a stronger dollar further weighed on prices.

The US and China agreed to “cease-fire” and resume trade talks on Saturday.
President Donald Trump has appeared to soften his tone on Huawei by allowing US firms to start selling technology to the Chinese telecommunications equipment giant as long as the sales do not involve equipment that threaten US national security. On the other hand, China agreed to make new purchases of U.S. farm products and return to the negotiating table.

Meanwhile, the dollar index surges 0.2% against several major currencies.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, stated that its holdings fell 0.22% to 794.04 tonnes on Friday from 795.80 tonnes on Thursday.


© 2000 - 2022 Al Bawaba (www.albawaba.com)

You may also like