On Tuesday Gold dropped while risk desire increased on speculation that the United States and China are close to achieving a trade deal. All this while the popular dollar jumped off an almost 3 month low. The U.S. gold futures moved 0.5% below to $1,283.50 while Spot gold went under 0.5% to $1,282.69. A very important statement from Mark To, the head of research at Wing Fung Precious Metals came to support gold by saying
"Because of improved investor sentiment, gold is coming off its highs and may have to stay around the current levels," "The market has been troubled by uncertainties around trade war and interest rate hikes. However, now most of the stakeholders, including the authorities in U.S., China, and the Fed, are trying to cooperate and put up a positive tone and create a stable environment for investors."
US Dollar getting stronger
Daily Analysis - 08/01/2019