FOX LIVE NEWS UPDATE
PRECIOUS-Gold steady amid renewed trade tensions
June 1 (Reuters) – Gold prices were steady in early Asian trade on Friday amid renewed fears of a global trade war, while a firm dollar and positive U.S. economic data weighed on the market.
Spot gold XAU= was nearly unchanged at $1,298.20 per ounce by 0356 GMT, while U.S. gold futures GCcv1 for June delivery were down 0.2 percent at $1,298 per ounce. Spot gold is down slightly this week.
The dollar index .DXY , which measures the greenback against a basket of six major currencies, was up 0.1 percent at 94.117.
Gold’s current price movement reflects the relatively calm attitude of investors, said Mark To, head of research at Hong Kong’s Wing Fung Financial Group.
“These uncertainties are to be with us for quite some time, so sooner or later investors will get used to it,” To said, adding that he expected gold to trade in the $1,296-$1,305 range.
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