Gold futures are recording modest gains to start the trading week after posting an impressive quarterly increase of more than 8%. The yellow metal firmed as the US dollar strengthened and geopolitical tensions heightened.
June gold futures rose $3.70, or 0.30%, to $1,254.90 per ounce at 16:46 GMT on Monday. The precious metal is seeking its second consecutive day of trading higher. This comes as gold experienced its best quarter in a year with a jump of 8.1% in the first quarter.
Silver is trading relatively flat to kick off the trading week. May silver futures slipped $0.01, 0.06%, to $18.24 an ounce. Silver also reported a first quarter rise of about 10%.
Gold prices are being supported by traders biting their nails because of US President Donald Trump’s recent remarks pertaining to the Chinese leadership and its handling of the situation in North Korea. The president warned that he may use trade as leverage to garner cooperation with the Chinese government over North Korea. Trump is scheduled to meet Chinese President Xi Jinping on Thursday.
Further gains in the yellow metal were minimized because the greenback climbed to a
The market is already combing through new data from the Institute for Supply Management (ISM). The group released its manufacturing index on Monday, which declined slightly from 57.7% in February to 57.2% in March, disappointing traders. A reading of 50 or higher suggests economic expansion.
A strong dollar makes commodities like gold and silver more expensive for foreign investors to purchase. Meanwhile, gold is generally sensitive to a
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