On Softer Dollar Gold Prices are Higher

On Wednesday, Gold prices edged higher  as the dollar weakened despite signs of an improving geopolitical situation with North Korea.

For April ,Gold futures  delivery on the Comex division of the New York Mercantile Exchange gained $1.20, or 0.09%, to $1,343.2 a troy ounce by 1:40AM ET (05:40 GMT).

At 88.92, down 0.04%, testing the 90 level,  the US Dollar Index that tracks the greenback against a basket of six major currencies last stood .

North Korean leader Kim Jong Un met with president Xi Jinping, local media Xinhua reported Wednesday, adding that Kim said he would be willing to give up nuclear weapons and hold a summit with the U.S confirmed by China

According to reports earlier this year , Kim is due to have a summit with his South Korean counterpart in April and U.S. President Trump by the end of May.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – a fall in the dollar makes gold cheaper for  thus increases demand for the precious metal and  holders of foreign currency.

On Tuesday, the yellow metal recorded its biggest one-day fall in nearly two weeks .

In other precious metal trade, platinum futures gained 0.1% to $949.80 an ounce and  silver futures fell 0.2% to $16.51 a troy ounce./investing.com

Stay updated with INFOEUROPEFX to find out the latest news about  commodities.

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