Gold prices inched up on Friday after the dollar slipped after rising briefly earlier in the day following the conclusion of the trade talks between U.S. and China that has yielded little progress.
Gold Futures for December delivery inched up 0.1% to $1,194.7 per troy ounce at 2:10AM ET (06:10 GMT) on the Comex division of the New York Mercantile Exchange.
“Investors are worried about the trade war and that has helped the dollar. But the dollar will not be as strong as it has been going forward and that should help gold prices to go up,” said Ji Ming, chief analyst at Shandong Gold Group.
The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, fell 0.1% to 95.44 after rising briefly as the two-day trade talks between China and the U.S. ended on Thursday with no major breakthroughs.
“We concluded two days of discussions with counterparts from China and exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship,” White House spokeswoman Lindsay Walters said in a brief statement.
Gold has lost its appeal as a safe-haven asset as investors turned to the U.S. dollar instead amid recent international trade disputes and the Turkish currency crisis.
Looking ahead, traders will switch their attention to a much-anticipated speech from Fed Chair Jerome Powell at the central bank’s Economic Symposium in Jackson Hole, Wyoming on Friday.
