The price of gold rebounded from a previous five-month gain as the U.S. currency reclaimed its declines last Thursday when U.S. President Donald Trump mentioned the dollar was “way too strong”.
U.S. gold futures were higher by $10.40 and finishes at $1,288.50 per ounce for its June delivery. The spot gold had risen 0.02 percent to end at $1,286.42 per ounce.
The yellow metal remained on the positive territory for its greatest week since June. But, the stock markets were pressured on the on-going tensions in Middle East and North Korea. Commerzbank analyst Eugen Weinberg says the retreat of equity markets and the recent placement of risk aversion, the price of the bullion are backed, adding that the gold being pressured is not much of a surprise to him.
Given that the U.S. currency recouped from its loss, the remarks of President Trump made the Treasury yields on track for their largest weekly drop since 2015, meanwhile the European stock market was 0.3 percent lower.
Concerns over a new weapon test led by North Korea as a carrier group led by the United States sailed to the region, along with fears regarding the incoming presidential election in France also made investors worried
President of Russia Vladimir Putin said that trust between Russia and United States had deteriorated under Trump’s administration. Moscow brought a different contentious reaction to the U.S. Secretary of State Rex Tillerson in a confrontation over Syria.
In other precious metals, Palladium was lower by 0.29 percent to $794.72, Platinum loss 0.06 percent to 967.95, and the spot silver higher by 0.11 percent at $18.48 per ounce.
Big markets have been trading buoyant along Easter and most financial markets are closed due to Good Friday.