Gold went down today from a two-week high. It went up from the previous session, as the dollar firmed against yuan. That makes the precious metal more expensive for buyers in the world's biggest consumer economy China. The China central bank raised its daily guidance rate for the yuan by the most in nearly 15 months today and that created a demand for US Dollars. The Spot gold fell about 0.2% to $1,209.00 an ounce at around 04:00 GMT. Also, U.S. gold futures were down 0.1 % at $1,215.40 an ounce. Gold is no more a safe-haven asset and the reason is that it fell over 7% so far this year. Many factors together created the uncertainty between the investors and some of the factors are the international trade disputes and the Turkish currency crisis. So now investors are increasingly turning to the U.S. dollar instead. After President Donald Trump criticized the U.S. Federal Reserve for raising interest rates Gold recovered after touching 1 and a half year lows on Aug. 16 at $1,159.60. Innes said "We need a complete flip around momentum in the U.S. dollar for gold to push above $1,230 and move to $1,260. Unless the Fed takes the December rate hike off the table, gold does not have a chance to get near any of those supportive levels”
