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Gold Continues to Fall in Price on the USD Strengthening

The price of gold falls on Friday in the morning; this trend lasts for six trading sessions in a row against the background of the continuing the USD strengthening against most world currencies, according to the data of trades and analysts’ comments.

As of 08:03 Moscow time, the price of the April gold futures Comex on the New York Stock Exchange fell down by 1.15 USD, or 0.09%, to 1,313.05 USD per troy ounce. The price of the March silver futures decreased at the same time by 0.26%, to 15.67 USD per ounce.

The dollar exchange rate continues to exert downward pressure on the gold value. The dollar index (the dollar exchange rate to the basket of currencies of six countries - the main US trading partners) strengthened by 0.05%, to 96.56 points, while the growth was also observed for the sixth trading session in a row and reached 1% from the beginning of February.

At the same time, the demand for gold as a more reliable asset is supported by news around the US and Chinese trade. So, US President, Donald Trump, said that his meeting with China’s President Xi Jinping, on which concluding a trade agreement was planned, has not yet been scheduled. Thus, the President did not confirm reports in the Chinese media that such a meeting could take place at the end of February in Vietnam.

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InvestorGreg Editorial Team

InvestorGreg Editorial Team

The InvestorGreg Editorial Team is a group of financial writers and analysts who cover the worlds of finance and investment. Read more