Gold Prices Edge Higher On Softer Dollar

Commodities & Futures
Gold prices edged higher on WednesdayGold prices edged higher on Wednesday

Investing.com – Gold prices edged higher on Wednesday as the dollar weakened despite signs of an improving geopolitical situation with North Korea.

for April delivery on the Comex division of the New York Mercantile Exchange gained $ 1.20, or 0.09%, to $ 1,343.2 a troy ounce by 1:40AM ET (05:40 GMT).

The  that tracks the greenback against a basket of six major currencies last stood at 88.92, down 0.04%, testing the 90 level. 

China confirmed that North Korean leader Kim Jong Un met with president Xi Jinping, local media Xinhua reported Wednesday, adding that Kim said he would be willing to give up nuclear weapons and hold a summit with the U.S.

Kim is due to have a summit with his South Korean counterpart in April and U.S. President Trump by the end of May, according to reports earlier this year.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – a fall in the dollar makes gold cheaper for holders of foreign currency and thus increases demand for the precious metal.

The yellow metal recorded its biggest one-day fall in nearly two weeks on Tuesday.

In other precious metal trade, fell 0.2% to $ 16.51 a troy ounce, and gained 0.1% to $ 949.80 an ounce.

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