Gold Reduces Losses in Case of Dollar Decline <Al Watan Journal

Gold prices tumbled but rebounded after the dollar fell and stock markets rallied, but the precious metal ended the week slightly higher due to rising trade tensions between the United States and the United States. United and China. And a slower wage growth than expected in June, although the economy has created more jobs than expected. Wage growth is a closely guarded sign of potential inflation that could prompt the Federal Reserve to further raise interest rates.
A weak dollar would provide gold support as it would make the precious metal cheaper for holders of other currencies. On imports from China worth $ 34 billion, the Chinese Ministry of Commerce immediately responded by taking 25% of US products of the same value.
Markets have quietly absorbed tariffs and inventories have increased. The rise in the stock markets puts pressure on gold prices by reducing the demand for the yellow metal as a safe investment instrument
At the end of the trading session, gold was trading at 1255, $ 30 an ounce, down 0.2% down to $ 1252.15. The week ended on gains for the first time in four weeks. US gold contracts for delivery in August fell 0.2% to $ 1255.80. Ounce
Among the other precious metals, spot silver rose 0.2% to $ 16.01 an ounce. At $ 839.35 an ounce, ending the week with a loss of 0.3%. Palladium fell 0.2% to $ 949.95 an ounce, ending the week down 0.1%, the fourth consecutive loss for all three metals.