Gold Rises On Dollar Weakness - so does Eldorado COMMODITIES: Gold Rises On Dollar Weakness As Trade Deal Reached
02:10 PM EST, 12/13/2019 (MT Newswires) -- Gold ended higher on Friday even as the United States and China reached a long-awaited initial deal to end their trade war, as the U.S. dollar fell.
Gold for February delivery ended up US$8.90 to settle at US$1,481.20 per ounce in Comex trade, the highest since Dec.5.
The metal rose even as geopolitical turmoil eased with phase one deal reached between the two largest economies ended a dispute that pushed global economic growth the the lowest since the financial crisis. A Conservative election victory in the U.K. elections also ended uncertainty over whether the country would proceed with Brexit since the party campaigned on leaving the European Union.
The U.S. dollar fell, making the metal more affordable for international buyers. The ICE dollar index was last seen down 0.21 points to 97.19.
Cheers to the patient investors.