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MTECHTIPS;- Gold Falls, Losing out to Dollar as Trade War Hedge

Tuesday, February 12, 2019 2:59

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MTECHTIPS;- Gold Falls, Losing out to Dollar as Trade War Hedge

MTECHTIPS-gold isn’t powerful enough for those seeking a hedge to the trade war. Gold prices fell back on Monday, settling down for the sixth time in seven sessions, as investors turned again to the relative safety of the dollar amid the drag in U.S.-China trade negotiations.Bullion and gold futures got a reprieve on Friday, outshining the dollar, as the U.S. and China missed an opportunity to hold a summit that might have expedited a trade deal between them. China needs that deal by March 1 or risk having tariffs on $200 billion of imports raised to 25% from 10%. “Currently, the price of gold is under pressure as the dollar Index continues to rally versus other world currencies,” said Walter Peepshow, executive vice-president at Dillon Gage Metals in Addison, Texas. “If the rally continues, technical support levels in the price of gold will be tested,” Peepshow added. “Spot support levels will be the previous resistance levels at $1,303.” The spot gold contract, reflective of trades in physical bullion, was down $5.66, or 0.4%, to $1,308.60 per ounce by 3:39 PM ET (20:39 GMT). In futures trading, gold’s benchmark April contract on the Comex division of the New York Mercantile Exchange settled down $6.60, or 0.5%, at $1,311.90 per ounce

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