Markets

Gold flattens as dollar strengthens

2018-05-29 09:41:32 GMT (Economies.com)

Gold prices relinquished the gains made in Asian trade on Tuesday amid mounting pressure on commodities due to dollar's strength. 

 

Dollar racked up gains versus a basket of major rivals, hitting six-month highs and weighing on dollar-denominated commodity futures. 

 

Asian stocks fell today as political uncertainty returned to Italy and Spain, helping gold score some profits at the open before relinquishing them on dollar's strength. 

 

Risk appetite returned to market after the resumption of the US-North Korean summit days after President Donald Trump scrapped the talks. in turn hurting haven demand on gold. 

 

Gold last traded at $1,297.96 an ounce, almost at the opening price, with a session-low at $1,297.01, and a high at $1,301.38. 

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