What was the highest price for gold? Weak Dollar Driving Force Behind Gold’s Strength

What was the highest price for gold? Weak Dollar Driving Force Behind Gold’s Strength

What was the highest price for gold? Weak Dollar Driving Force Behind Gold’s Strength

 
What was the highest price for gold? Gold futures surged to their highest level since October 3 early Tuesday on the rear of another plunge within the U.S. Dollar. A weaker dollar tends to approach demand for dollar-denominated gold because it makes it more attractive to foreign buyers

The dollar is weakening because investors are dumping greenback positions placed as hedges against an escalation of the U.S.-China trade war. The dollar has been plunging since the 2 economic power houses reached Phase 1 of their trade deal on December 13

At 10:30 GMT, February Comex gold is trading $1525.90, up $7.30 or +0.48%

U.S.-China Trade Relations
What was the highest price for gold? Investor sentiment has largely improved in December with the U.S. and China recently reaching an agreement on a phase one trade deal

The South China Morning Post, citing a source, reported Monday that top Chinese trade negotiator and Vice Premier Liu he's set to go to Washington in the week to sign the phase one affect the U.S
What was the highest price for gold? Beijing has accepted the U.S. invitation for a deal signing in Washington, and therefore the Chinese delegation will stay within the U.S. for a couple of days until the center of next week, consistent with the report

Other News

Speculators raised their bullish positions in COMEX gold contracts within the week to December 24
What was the highest price for gold? China’s net gold imports via Hong Kong in November plunged 72% from the previous month to their lowest in nearly nine years, data from the Hong Kong Census and Statistics Department showed on Monday

Daily Forecast

Gold prices are set to post their best year since 2010, having gained about 18%, mainly driven by a tariff war between the world’s two largest economies and quantitative easing by major central banks

What was the highest price for gold? With the Fed likely to carry rates steady in 2020 and therefore the Reserve Banks of Australia and New Zealand expected to delay future rate cuts, gold gains could also be limited over the near-term. However, it all depends on what happens with the U.S. Dollar