Gold Prices Post More Gains
Tuesday, April 9, 2019 9:41:16 AM Europe/London
The gold prices continued to rise on Tuesday, posting more gains than the ones reached in the previous trading session, Reuters reported. Gold traded at more than a one-week peak on Monday.
Spot gold was trading at $1,299.59 an ounce, gaining 0.2 percent. Gold traded at a certain point in the previous session at $1,303.61, its highest level since March 28.
U.S. gold futures traded at $1,303.30 per ounce, posting a gain of a 0.1 percent.
Meanwhile, the US dollar weakened against its key rivals after U.S. economic data on Monday showed disappointing results. The data showed that the American-made products dropped in February and that manufacturing sector is experiencing slowness amid rising inventories, Reuters said. Data on Friday also showed that U.S. payroll growth slowed down in March.
The U.S. dollar fell 0.2 percent against rival currencies on Monday, prompting the precious metal to be cheaper for those dealing with other currencies.
It’s worth noting that China and Turkey increased their gold reserves in March. China increased its reserves to 60.62 million ounces by the end of March, up 0.6 percent.
Sources, Reuters, agencies
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