Gold Surges As Greenback Deepens Losses
Gold (XAU/USD) prices surged back above the $2,900 round-figure level and even traded above $2,910 at the time of writing on Tuesday (3/11). The move came as a domino effect stemming from headlines from Germany’s Green coalition leaders, who said this morning they had given the green light to a defense spending deal. That boosted confidence in the Euro (EUR) and triggered a fresh leg lower in the US Dollar Index (DXY), opening the door for Bullion to surge.
Meanwhile, traders remain cautious after the tariff war escalated outside the United States (US). Canada has hit some Chinese imports, which were met with retaliatory tariffs from China on Canadian goods such as canola oil. Demands from US President Donald Trump are being met for now as Canada and Mexico could see further easing of their own tariffs if they also impose levies on Chinese goods.
Source: FXStreet
