Gold Gains on U.S. Dollar Weakness, Trade Uncertainty
Gold prices continue to trade higher, supported by a weaker U.S. dollar and safe-haven demand as Moody's credit-rating downgrade fuels U.S. economic outlook concerns.
Futures rise 1.4% to $3,233.50 a troy ounce in afternoon trading, while the dollar index is down 0.7% to 100.35 against a broad basket of currencies.
Prices fell sharply last week after the U.S. and China reached a deal to temporarily slash tariffs. However, "trade and policy uncertainty remain incredibly elevated, and the clock is ticking on the 90-day relief on tariffs due to expire in early August," says Benjamin Hoff, global head of commodity research at Societe Generale.
Source: Dowjones Newswires
