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Gold Gains In Price For Third Straight Session After Dollar Weakens Against Yen


The yellow metal gold in Friday's session increased in price on reports that the US President Trump will now take on trade issues with Japan and this resulted in weakening of the dollar currency against Japan's yen.

Gold Gains In Price After Dollar Weakens Against Yen

Spot gold is up for the third straight session and at 0219 GMT was quoting higher by 0.2% at $1,202.14. On Thursday, gold scaled in price to a near one-week high of $1,206.98.

US gold futures also increased by 0.3% to $1,208.0 an ounce.

Also, investors foresee the threat of new round of Sino-US tariffs at any time.

And the decline in dollar against the yen has fuelled some buying in the precious metal.

The direction in gold price will further be decided based on the September Federal Reserve meet and employment data that is due to be released tonight as it will provide cues on the pace of interest rate hike by the US Fed.

Also, investors worry from the fact that as the consultation period over trade has concluded, Donald Trump may impose tariffs on $200 billion more in Chinese imports. Chinese commerce ministry also warned that it would retaliate against any new round of tariff measures by the US.

Meanwhile in the domestic market, gold in 22 K is available at Rs. 30,160 per 10 gm while 24 K gold is retailing at Rs. 32,250 per 10 gm, each higher by Rs. 10 in comparison to yesterday's price.

Read more about: gold dollar yen
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