Wednesday , May 18 2022

Gold markets: Dollar, Brexit in focus


Gold prices in up on Wednesday as U.S. dollar retreated from a 16-month high touched earlier in week, easing a surge in the euro and sterling on a draft brexit agreement.

Spot gold was up 0.1 percent at $ 1,202.55 per ounce at 0101 GMT.

U.S. Gold futures were up 0.1 percent at $ 1,203 per ounce.

The dollar index, which measures the greenback against a basket of six major currencies, was down about 0.3 percent.

U.S. President Donald Trump's top economic adviser said on Tuesday that the United States welcomed the resumption of talks with China on trade, while Vice President Mike Pence warned Beijing to change its behavior so that it could avoid a new cold war with the United States.

U.S. inflation expectations were unchanged in October from a month ago, even while Americans expected to spend and earn more, according to a Federal Reserve Bank of New York survey published Tuesday.

Prime Minister Theresa May into a perilous battle over the country's prosperity for generations to come.

The British Cabinet will meet at 1400 GMT on Wednesday to consider the draft withdrawal agreement, a Downing Street spokesman said after the Irish and British media were leaked details of the agreement on the text.

The Italian government will maintain its deficit and economic growth forecasts for 2019, despite European Commission demands for the budget plan to be revised, Deputy Prime Minister Matteo Salvini said Tuesday.

SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, said its holdings fell 0.11 percent to 761.16 tonnes on Tuesday from 762.00 tonnes on Monday.

Gold broker and storage company GoldCore said on Thursday it had opened a golden vault in Dublin, aiming to attract investors looking for a London after Brexit.

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