Low prices for “yellow metal”

Gold prices decreased today, after approaching the highest level in 4 weeks, as a modest rise in the dollar pressed the yellow metal, but the uncertainty regarding the trade agreement between the United States and China kept investors cautious about the decrease in gold.

Gold fell in instant transactions 0.3 percent to $ 3369.98 an ounce by 02:49 GMT, after reaching the highest level since May 8 earlier in the session.

The American gold futures settled at $ 3390.

The yellow metal rose by about 2.7 percent in the previous session, recording the strongest daily performance in more than three weeks.

“The dollar has recovered a little and the gold decreased, so they are inversely linked at this stage,” said Brian Lan, General Manager of Gold Silver Central in Singapore.

But he added that gold is still closely followed by developments related to global trade.

The dollar index recovered a little from the lowest level in six weeks.

The White House said on Monday that US President Donald Trump and his Chinese counterpart Xi Jinping this week, days after Trump accused Beijing of violating an agreement to reduce customs duties and commercial restrictions.

The customs duties imposed by the United States are scheduled to be raised on steel and aluminum imports to homosexuals to 50 percent from tomorrow, Wednesday, the deadline set by the Trump administration to countries to present their best suggestions in commercial negotiations.

As for other precious metals, silver in instant transactions fell 2.1 percent to $ 34.07 an ounce, and platinum stabilized at $ 1062.46, and palladium rose 0.1 percent to $ 990.26.