FOX LIVE NEWS UPDATE
PRECIOUS-Gold dips on revived hopes of U.S.-N.Korea summit
May 28 (Reuters) – Gold prices fell on Monday on revived hopes of a U.S.-North Korea summit, while a strong dollar also weighed on the market.
Spot gold XAU= was down 0.3 percent at $1,297.71 per ounce at 0243 GMT, while U.S. gold futures GCcv1 for June delivery fell 0.5 percent to $1,297.10 per ounce.
“It looks like there is some chance of a meeting between the U.S. and North Korea leaders, that would lower the geopolitical risks and lessen the appeal of gold,” said John Sharma, an economist with National Australia Bank, adding that a strong dollar was also pressuring prices.
The dollar index .DXY , which measures the greenback against a basket of six major currencies, stood at 93.996, not far from 94.248 hit on Friday, its highest since Nov. 14.
for contact:
8006006296/ 8006707020
www.foxcommodities.co