empty
 
 

2018.11.1906:08:00UTC+00Gold Extends Gains On Weak Dollar

Gold prices rose on Monday to extend gains from the previous session as the U.S. dollar weakened after two Fed officials gave a cautious assessment of the global economy.

Spot gold rose 0.14 percent to $1,222.56 per ounce after rising 0.7 percent in the previous session. U.S. gold futures were up 0.18 percent at $1,223 per ounce.

The dollar index weakened after Federal Reserve Vice Chairman Richard Clarida said the central bank is getting closer to a "neutral" level on interest rates, and that the central bank should be data-dependant on future rate hikes.

Separately, Dallas Federal Reserve President Robert Kaplan said that global growth is going to be a little bit of headwind, which could spill over to the United States.

Traders are also digesting mixed messages from the Trump administration about progress in trade talks with China.

U.S. President Donald Trump said Friday that China wants to make a deal on trade with the United States, but any pact has to be reciprocal.

Trump's comments helped raise hopes that the U.S. and China will agree on at least "a deal to get a deal" when Trump and Chinese President Xi Jinping meet in Argentina later this month.

The optimism quickly faded after U.S. Vice President Mike Spence said the U.S. would not back down from its trade dispute, until China changes its ways.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback