Gold was placed on the green zone by the dollar’s weakness

Gold was placed on the green zone

The price of gold rose on early Tuesday after touching its lowest level since October 6 in the last trade. The bullion was somehow supported by the recent decline of the dollar.

According to a statement from a White House official yesterday, president Xi Jinping is urged by U.S. President Donald Trump to do well on his promised commitments, in an effort to place North Korea under pressure the moment it pays a visit to his country on November. Officials released this statement to step up a new strategy to have China support rein of Pyongyang.

Also on Monday, President Trump omitted the possibilities of limiting a tax-deferred retirement savings program in the United States. This contributed to the decline of the dollar, which later benefited to the bullion.

The index which measures the value of the index against its major opposing currencies, the U.S. dollar index, dropped as low as 0.1 percent at 93.788. The U.S. currency was depreciated by its Japanese counterpart by 0.1 percent to 113.35 yen. It notched an almost three-month high on Monday.

Looking in its effect to the yellow metal, U.S. gold futures added more than 0.3 percent to finish trading at $1,284.80 an ounce for its December delivery. Meanwhile, spot gold was also in the positive territory on the day as it rose by 0.1 percent to settle at $1,283.36 an ounce. Spot recently recovered from a two-week low at $1,271.86 an ounce.


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