Gold futures was nearly unchanged as the dollar steadies in Trump’s new comments

Gold drops

The price of gold remained on its level on early Wednesday as the U.S. currency was also steady on the day. The fresh remarks of Trump regarding the tension surrounding the Korean Peninsula have buoyed the demand of the yellow metal.

On the previous day, U.S. President Donald Trump said that the sanctions of the United Nations (UN) against North Korea were a small step and nothing compared to what could possibly happen it decides to deal with the nuclear programs of the hermit state.

The bullion is mostly used as an investment amidst financial and political uncertainties around the world.

Looking on prices, U.S. gold futures traded close to the flat line to close at $1,335.00 per ounce and spot gold was almost the same as yesterday at $1,330.85 per ounce. In relation to the movement gold, the index which measures the value of the U.S. currency against its major opposing currencies, the dollar index, was also unchanged at 91.890.

The dollar was also marginally higher against the Japanese yen which helped the shares in Japan. It was then followed by a strong finish in Wall Street and Asian market.

The biggest gold-backed exchange-traded fund in the world, the SPDR Gold Trust, said last Tuesday that it added 0.35 percent to 838.64 tonnes in its holdings, much lower compared to Monday’s 835.68 tonnes.

In other precious metals, palladium dropped by 0.5 percent at $949.25 per ounce, platinum edged down by 0.2 percent at $984.50 per ounce and spot silver slipped by 0.4 percent at $17.84 per ounce.


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