Gold Edges Up as Dollar Falls
May 20 2019 - 2:03PM
Dow Jones News
By Stephanie Yang
Gold prices got a boost from a weaker U.S. dollar and anxiety
over U.S.-China trade negotiations.
Gold for June delivery rose 0.1% to $1,277.30 a troy ounce on
the Comex division of the New York Mercantile Exchange, bouncing
off a two-week low.
The WSJ Dollar Index, which gauges the U.S. currency against a
basket of others, fell 0.2% to 91.09.
Gold is priced in dollars and becomes cheaper as the greenback
weakens.
Geopolitical uncertainty also supported demand for the haven
metal on Monday.
"Iran, China, Brexit and usual worries are maintaining this
$1,275-$1,300 area range for gold for now," said George Gero,
managing director at RBC Capital Markets.
Meanwhile, copper for July delivery fell 0.5% to $2.7260 a pound
in New York on economic concerns following the prolonged trade
disputes between the U.S. and China.
"Following a weak end to the week amid renewed uncertainties in
the trade dispute between the U.S. and China, metals prices are
down for the most part as the new week of trading begins," analysts
at Commerzbank wrote Monday.
Analysts noted that the U.S. lifted tariffs on aluminum and
steel imports from Canada and Mexico, which could weigh on other
metals prices.
Write to Stephanie Yang at stephanie.yang@wsj.com
(END) Dow Jones Newswires
May 20, 2019 14:48 ET (18:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.