Gold: gold inches are higher as the US dollar eases

BENGALURU: Gold prices rose slightly on Thursday, after hitting a year – low at the previous session, while the US dollar eased off. a three-week high.

FUNDAMENTALS

Spot gold was up 0.1% at $ 1,227.55 on the ounce at 0058 GMT. The metal fell to its lowest since mid-July 2017 at $ 1,220.81.

American gold futures for delivery in August were little changed at $ 1,227.40 an ounce.

The dollar index, which measures the greenback versus a basket of six major currencies, was down 0.1 percent to 95.022 after peaking on Wednesday at a record high of 95.407 over three weeks.
In a two-day congressional testimony, Federal Reserve Chairman Jerome Powell said he believed that the United States would continue to grow steadily for years and that he had prudently downplayed risks of a growing trade conflict.

Manufacturers in each of the 12 districts of the Federal Reserve are worried about the impact of tariffs, a report from the Federal Reserve said Wednesday, even as the US economy continued to grow at a moderate to modest pace.

A protracted trade war with China and Europe would hurt global economic growth and force investors to rebadess the profitability of US companies, warned some of the largest hedge funds and private investors in the US .

US President Donald Trump said Wednesday that the United States could enter into a trade deal with Mexico and then make another with Canada, sowing new doubts about the future of the deal North American Free Trade Agreement.

The White House fought Wednesday to contain the political outcry and confusion around Trump's summit with Russian President Vladimir Putin, denying that Trump ever wanted to say that Moscow was no longer aimed at the United States.
US Secretary of State Mike Pompeo said on Wednesday that sanctions would continue to be applied in the meantime, although the Russian envoy to Pyongyang has proposed talks to ease them. .

Canadian miner Detour Gold and activist investor Paulson & Co entered into an increasingly tight public exchange Wednesday during the hedge fund campaign to change the company and a possible merger.

The Venezuelan central bank began refining gold in Turkey following a wave of international sanctions that prevented it from carrying out such operations in Switzerland, the minister said Wednesday. mines.