Gold is shining brightly while the U.S. Dollar dims...
While the world leaders met at the G20 summit in Argentina, the U.S. and China have agreed on a 90-day hold where they would not impose more trade tariffs on each other. This is great news for gold and not so much for the U.S. Dollar. According to CNBC, this agreement "encouraged investors to sell the dollar, making gold cheaper for holders of other currencies."
'The tariffs (agreement) is a game changer for gold because you are seeing much better commodity statements, buying power ...,' said George Gero, managing director at RBC Wealth Management.
As gold has been keeping steady and strengthening, the U.S. Dollar began to weaken. Interestingly enough, China seems to be doing a bit better in this deal since the Yuan was even bolstered. Kitco reported:
The U.S. dollar index is weaker as secondary world currencies were boosted Monday, including the Chinese yuan, on the U.S.-China truce. That’s a bullish outside market force for the metals markets. There are notions a U.S.-China trade agreement would lessen demand for the safe-haven greenback.
The Economic Times reported:
US gold futures were up 0.2 per cent at $1,228.1 per ounce.
The dollar index, which measures the greenback against a basket of six major currencies, was down about 0.2 per cent.
Business Day reported:
Spot gold rose 0.7 % to $1,230.81/oz at 10.15am GMT, having touched its highest level since November 7 at $1,232.22 earlier in the session.
US gold futures gained 0.9% to $1,236.50/oz.
As of December 3rd, 2018 @ 20:00 UTC
'Dollar has edged down from its high, supporting gold,' said Hareesh V, head of commodity research at Geojit Financial Services
Business Day reported:
The US currency was the preferred safe haven in 2018 as the US-China trade war unfolded against a backdrop of higher US interest rates, denting bullion's appeal.
In the week to November 27, speculators increased their net short position in gold by 8,464 contracts to 51,828 contracts, the US Commodity Futures Trading Commission (CFTC) said on Friday.
'The key point is still the very bearish positioning in the futures market which is partly due to the strong US dollar and the outlook for further rising interest rates. Now that we have a relief in that regard this could provide some more upside for gold in the short term,' Julius Baer's Menke said.
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This article was authored by Judith Monte, @belovebelight
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