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Gold Futuress Hold Onto Gains on Softer Dollar

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September 13th, 2017
 
Gold prices held onto gains on Wednesday, as caution returned to markets amid lingering fears over tensions between the U.S. and North Korea and as the U.S. dollar moved lower.

Comex gold futures was up $4.82 or about 0.36% at $1,337.41 a troy ounce by 08:35 a.m. ET (12:35 GMT).

Market sentiment was mildly supported as Hurricane Irma appeared to have caused less damage than feared and in the absence of any new provocations from North Korea.

Irma, which had hammered the Caribbean late last week andwas one of the most powerful Atlantic hurricanes, weakened to a tropical depression, easing concerns over the severity of its financial impact.

Market participants seemed to shrug off North Korea’s rejection of sanctions imposed by the U.N. Security Council.

The Security Council voted unanimously on Monday to step up sanctions on the peninsula, in response to its sixth nuclear test.

However, U.S. President Donald Trump said Tuesday that the U.N. sanctions were a "very small step" and "nothing compared to ultimately what will have to happen" to combat the regime's nuclear program.

The precious metal also benefitted from a weaker U.S. dollar on Wednesday after data showed that U.S. producer price inflation and its core reading increased less than expected in August.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, wasdown 0.13% at 91.77.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

Elsewhere on the Comex, silver futures were gained 0.48% to $17.98 a troy ounce.

 - Investing.com.

 

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Gold futures gained in New York as concern about slowing growth drove equities lower and boosted demand for the metal as an alternative investment.