Gold prices ease as firmer dollar weighs

Madiha Shakeel September 3, 2019

Gold prices fell on Tuesday as the dollar gained, making the bullion costlier for investors holding other currencies, but fears of a global economic slowdown fuelled by intensifying U.S.-China trade war kept prices near multi-year high.

FUNDAMENTALS

* Spot gold was down 0.3% at $1,525.64 per ounce at 0111 GMT, lingering near its highest level since April 2013 at $1,554.56 hit last week.

* U.S. gold futures were up 0.3% at $1,533.8 an ounce.

* The dollar index was at its highest in more than two years against a basket of currencies, while global stocks were hit by U.S.-China trade frictions.

* China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, the Chinese Commerce Ministry said on Monday.

* Prime Minister Boris Johnson implicitly warned lawmakers on Monday that he would seek an election if they tied his hands on Brexit, ruling out ever countenancing a further delay to Britain’s departure from the European Union.

* Lawmakers will decide on Tuesday whether to move Britain one step closer to an early election when they vote on the first stage of their plan to block Johnson from pursuing a no-deal Brexit.

* Euro zone manufacturing activity contracted for a seventh month in August as a continued decline in demand sapped optimism, a survey showed, likely strengthening expectations for monetary easing from the European Central Bank next week.

* Indian custom officials have seized 1,197.7 kg of smuggled gold in the April-June quarter, an increase of 23.2% compared with the same period a year ago, a government official said on Monday.

* The Perth Mint’s silver sales soared 18.7% in August from a month earlier, the refiner said on Monday, while gold product sales inched higher.

Copyright Reuters, 2019

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