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Gold prices tumble to fresh 2018 low as dollar surge hurts demand


 Gold prices hit a fresh low for the year as a surge in both the dollar and bond yields on mostly upbeat economic data reduced investor appetite to hold the precious metal. A report on retail sales pointing to underlying U.S. economic growth sent bond yields soaring, helping the dollar to hit a fresh high for the year, pressuring gold prices to break below their 200-day moving average at $1,306 - a price level that had acted as support in recent sessions. The weakness in gold prices comes despite an uptick in geopolitical uncertainty amid escalating Middle East tensions, and renewed fears the U.S. and China may struggle to resolve trade disputes as both nations got the second round of trade talks in Washington underway .

Source: Investing.


Tags: Commodity News

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