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Gold price up, Silver spot fell

ByVictoria

Gold prices edged higher on Wednesday as a weaker dollar and simmering trade tension between the United States and China lifted demand for the safe-haven metal.

Spot gold was up 0.1% at $3,355.46 an ounce, as of 0836 GMT. U.S. gold futures edged 0.1% higher to $3,379.80.

“I think we are seeing the same concerns around trade talks, not much progress and that is adding to uncertainty over where tariffs will land, and that’s driving gold prices right now,” said Nitesh Shah, commodities strategist at WisdomTree.

Donald Trump said on Wednesday that Chinese President Xi Jinping is tough and “extremely hard to make a deal with,” days after the U.S. President accused China of violating an agreement to roll back tariffs and trade restrictions.

Spot silver fell 0.2% to $34.44 an ounce, platinum rose 0.9% to $1,083.22 and palladium lost 0.4% to $1,006.49.

Source – Reuters

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    Gold made an attempt to settle below the support at $2870 – $2880 but lost momentum and climbed back above the $2900 level.

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    Silver rallied above the $32.00 level as gold/silver ratio pulled back below the psychologically important 90 level.

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    U.S. gold futures also dropped 0.5% to $2,912.10.

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    Platinum prices were flat at $964.68 per ounce.

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    Twangiza Mining, a gold miner operating in the rebel-controlled South Kivu Province in the eastern Democratic Republic of Congo, said it has been ordered to suspend operations by the rebel administration, according to a company-wide letter seen by Reuters.

    Manu Birato, who was recently installed as M23 governor of the South Kivu Province, said Twangiza Mining must adapt to new regulations and pay taxes they have not been paying.

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