Economic news

Gold moves towards strongest levels in 2 weeks as dollar slips

Gold futures prices rose in early trading on Monday, on course to reach its highest level in almost two weeks, as the dollar dropped.

August gold futures jumped 0.9 percent, to $1,266.60 an ounce. September silver surged 1 percent to $16.235 an ounce, after losing near 0.8 percent last week.

Gold advanced as China’s yuan jumped steeply in offshore markets to 6.6292 versus the dollar, moving further away from the trough touched in June. The ICE U.S. Dollar Index DXY, sank 0.2 percent.

Gold posted a slight increase for last week, after a mostly favorable U.S. employment report was seen keeping the Federal Reserve on a track toward gradual tightening of monetary policy.

Worries over deepened trade row between the U.S. and its major trade partners in the European Union, North American and China, have underpinned the dollar and have hit commodities priced in the monetary unit, including the yellow metal. G

old demand also has been affected by the concerns that a trade war may hurt China's economy, which already has shown signs of slowdown in recent months.


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