Gold prices are trading lower on Tuesday as the US dollar climbs. The yellow metal has tumbled in four of the last five trading sessions, causing gold to record its first weekly loss last week in a month.
December gold futures dipped $5.10, or 0.40%, to $1,259.60 per ounce at 16:19 GMT on Tuesday. The precious metal has been battered over the past week thanks to an excellent July jobs report and a rising greenback.
Silver, the sister commodity to gold, is rallying on the second trading day of the week. September silver futures rose $0.12, or 0.79%, to $16.38 an ounce. The white metal is looking to snap its
The US dollar is up 0.38% on Tuesday and has advanced more than 0.5% so far this month. Over the last 30 days, the US dollar has plunged nearly 3% thanks to mixed US economic data and political turmoil in Washington — the US dollar has fallen to
Another concern for gold investors is when the Federal Reserve will next raise interest rates. Because of tepid inflation and multiple global risks, some investors think the US central bank will postpone a third 2017 rate hike until the end of the year. According to the CME Group FedWatch tool, there is a 10% chance of a September rate hike; this shoots up to 50% in December.
Gold’s losses were capped because of heightened geopolitical tensions between the US and North Korea. The Kim
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