Gold prices rise as dollar dive further on increasing U.S. protectionism concerns
Commodity Alert : Gold prices rise as dollar dive further on increasing U.S. protectionism concerns
Gold prices rose hitting a one-week high as dollar continued to weaken on increasing U.S. protectionism concerns. The dollar dived further against other currencies in Asia on Wednesday following news from the White House that hampered the investors’ confidence in the greenback, as U.S. president Donald Trump unexpectedly fired the Secretary of State Rex Tillerson and reportedly prepared to impose tariffs on China. The news followed the resignation of chief economic adviser Gary Cohn last week. The U.S. dollar index that tracks the greenback against a basket of six major currencies slumped 0.16% to 89.56, the lowest of this week. A weaker dollar makes bullion, which is used as an alternative investment during times of political and financial uncertainty, cheaper for holders of other currencies.
Source : Investing