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Gold prices were slightly higher on Wednesday as the dollar softened following the latest trade news.
Gold futures for December delivery gained 0.5% to $1,208.70 per troy ounce at 2:00AM ET (06:00 GMT) on the Comex division of the New York Mercantile Exchange.
Gold prices were under pressure since beginning of the year and fell 12% since April amid rising interest rates and intensifying U.S.-China trade dispute.
“For the short and medium-term, gold is likely to trade range bound between $1,190-$1,210. There is some physical demand in Shanghai and Hong Kong,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong
The US Dollar Index, which tracks the greenback against a basket of other currencies, was down 0.07% at 94.16. The dollar slipped after Beijing announced on Tuesday retaliatory tariffs that targeted more than 5,000 U.S. products worth $60 billion. The new tariffs would take effect on Sep 24, China’s Ministry of Finance said in a statement. The country’s commerce ministry also filed a complaint to the World Trade Organization (WTO) against the U.S., according to reports.
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