Gold prices edged lower after hitting a three-week high on Monday, with attention focused on trade talks and U.S. economic data, while silver climbed to its highest level since September 2011.<\/p>\n
Spot gold was down 0.1% at $3,350.97 per ounce, as of 0144 p.m. EDT (1744 GMT), after reaching its highest point since June 23 earlier.<\/p>\n
U.S. gold futures settled 0.1% lower at $3,359.1.<\/p>\n
The U.S. dollar, opens new tab hit a near three-week peak, making dollar-priced bullion more expensive for other currency holders.<\/p>\n
After a significant price increase, we\u2019re seeing some profit-taking; however, the gold market remains largely well-bid overall, said Bart Melek, head of commodity strategies at TD Securities.<\/p>\n
The European Union and South Korea said they were working on trade deals with U.S. President Donald Trump. Trump stepped up his trade war on Saturday, saying he would impose a 30% tariff on most imports from the EU and Mexico from next month, adding to similar warnings for other countries, including Japan and South Korea.<\/p>\n
Investors now await Tuesday\u2019s U.S. Consumer Price Index data and the Producer Price Index report on Wednesday for clues into the Federal Reserve\u2019s potential policy path.<\/p>\n
\u201cWe\u2019ve had the U.S. President continue to make remarks that he would like to see lower interest rates and that I think in the end is fairly supportive for gold,\u201d Melek added.<\/p>\n
Gold\u2019s attractiveness increases in a low-interest rate environment since it is a non-yielding asset.<\/p>\n
Spot silver was flat at $38.36 per ounce, hitting its highest level since September 2011 earlier in the session.<\/p>\n
\u201cSilver has firm fundamentals, with the metal being in a supply deficit and demand, especially in solar remaining robust,\u201d said WisdomTree commodities strategist Nitesh Shah.<\/p>\n
\u201cPerformance is catching up with gold, with the gold to silver ratio approaching 86.\u201d<\/p>\n
Elsewhere, platinum fell 1.5% to $1,378.86 and palladium dropped 1.9% to $1,192.56, after logging a more than eight-month high earlier in the day.<\/p>\n
Source: Reuters<\/p>\n
– Agencies<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices edged lower after hitting a three-week high on Monday, with attention focused on trade talks and U.S. economic data, while silver climbed to its highest level since September 2011. Spot gold was down 0.1% at $3,350.97 per ounce, as of 0144 p.m. EDT (1744 GMT), after reaching its highest point since June 23 […]<\/p>\n","protected":false},"author":2,"featured_media":3710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[],"class_list":["post-4370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leadstories","category-local"],"yoast_head":"\n