Gold hits 10-month high amid hopes for successful outcome of US-China talks
Gold for April delivery on Comex rose 0.2 percent to $1,347.1 per ounce after touching a high of $1,349.80. The contract increased by 1.7 percent to mark the highest close since April 19.
March silver futures rose 1.3 percent to trade at $16.177 an ounce, following a 1.4 percent rise earlier this week. The metal was up 15 percent since summer. Palladium briefly jumped above the $1,500 per ounce mark for the first time ever. The best performer among precious metals, palladium, is up nearly 17 percent on the year and up 80 percent since its August lows.Also on rt.com Hey UK! It's not just Venezuela, what happened to Australia's gold?
The US dollar moved lower against a basket of six major currencies before bouncing back as the US Federal Reserve rekindled expectations for another rate hike in 2019.
A weaker dollar traditionally boosts gold futures, as the precious metal becomes cheaper for market participants that heavily invest in other currencies. At the same time, investors’ hopes for positive results of China-US trade talks may boost demand for emerging-market currencies, putting some pressure on the greenback and, thus, supporting prices for gold.
“Hopes for a deal between the US and China and the US dollar, which is slightly lower, are offering support to the metal,” ABN AMRO analyst Georgette Boele told Reuters.
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