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Gold Falls 2% As Dollar

Author:
Eray Bekir
Market News

Gold slid as much as 2% on Monday as the dollar rallied and investors flocked to riskier assets after the resumption of trade talks between the United States and China.

Spot gold fell 1.7 % to $1,384.24 per ounce, after falling to its lowest since June 20 at $1,381.51.

The United States and China agreed on Saturday to resume trade negotiations after President Donald Trump offered concessions to his Chinese counterpart Xi Jinping when the two met at the sidelines of the G20 summit in Japan.

The dollar rose to two-week highs on Monday after the United States and China agreed to restart their troubled trade talks, with investors selling safe-haven currencies such as the Japanese yen and Swiss franc as tensions eased between the world’s two largest economies.

While reports of an agreement had been flagged ahead of U.S. President Donald Trump and Chinese counterparty Xi Jinping’s meeting on the sidelines of the G20 meeting, the outcome was more positive than investors had expected.

Trump said he would hold back on new tariffs and that China will buy more farm products, and he offered to ease restrictions on tech company Huawei.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.