• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Precious Metals Market
    Precious Metals News
    Precious Metals Stocks
    • Precious Metals Market
    • Precious Metals News
    • Precious Metals Stocks
    gold investing

    Gold Price Rises as US Dollar Rally Loses Steam

    Nicole Rashotte
    Sep. 05, 2018 04:50PM PST
    Precious Metals
    Gold Investing

    Following an 11-day low, gold managed to climb as the US dollar eased. The greenback took a hit following a report that Britain and Germany are prepared to drop a key sticking point in Brexit negotiations.

    The gold price climbed on Wednesday (September 5) after the US dollar rally lost momentum.

    The greenback took a hit when both the pound and the euro were boosted following a report that Britain and Germany were prepared to drop a key sticking point in Brexit negotiations.

    The yellow metal made the gains after experiencing an 11-day low in the previous session, and with gold still close to a one and a half year low, many insiders believe that there is little room for prices to fall.

    “Gold is showing signs of bottoming,” said Carsten Menke, Julius Baer analyst.

    Gold has tumbled more than 12 percent from its peak in April as the US dollar rose to 14-month highs and investors turned away from the metal.

    Despite today’s slight rise in gold prices, global trade concerns continue to weaken the value of the precious metal.

    “Global trade worries and the potential drag on the major economies of the world are somewhat weighing on equities markets this week,” said Jim Wycoff of Kitco News.

    “However, the matter has not produced much safe-haven demand for the metals at all. Instead, metals traders appear more worried that any economic weakness from the trade disputes could mean less demand for the metals,” he added. 

    Adding to these concerns is the fact that the US and Canada are deadlocked on trade negotiations and there is now the possibility that US President Donald Trump will call for more trade sanctions on China.

    Menke notes, “speculators will struggle to push prices much lower,” but adding that “without a weakening of the dollar, gold would find it difficult to rise.”

    Wyckoff also weighed in on the issue, stating, “[s]econdary currency markets, including the Argentine peso and Turkish lira, remain under pressure against the US dollar. There are still worries this matter could turn into something more serious that impacts the global financial system.”

    As of 4:18 p.m. EST, gold was up 1.42 percent, trading at US$1,196.10 per ounce.

    Don’t forget to follow us @INN_Resource for real-time news updates!

    Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.

    chinacanadagold investing
    The Conversation (0)

    Go Deeper

    AI Powered
    Gold bars and stock chart.

    Gold Price Retreats Below US$2,400 After Record-Setting Run

    Gold Investing

    Gold Drops on Firmer Dollar and Rising Bond Yields

    Latest News

    Finlay Minerals Announces Closing of Non-Brokered Private Placement of Flow-Through and Non-Flow-Through Units

    FALCO ANNOUNCES CLOSING OF BOUGHT DEAL PRIVATE PLACEMENT

    Heliostar Presents Stronger Economics at the La Colorada Mine in Updated Technical Report

    Apollo Files NI 43-101 Technical Report for the Calico Silver Project Updated Mineral Resource Estimate

    Prince Silver Corp Announces Listing on the Frankfurt Stock Exchange Under the Symbol T130

    More News

    Outlook Reports world

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Precious Metals Stocks

    JZR Gold

    JZR:CA

    Blue Jay Gold

    Providence Gold Mines

    PHD:CC

    Mount Hope Mining

    MHM:AU

    Walker Lane Resources

    WLR:CC

    Rua Gold

    RUA:CC
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES