Gold prices remain lower as market sentiment improves
Gold prices remained around the downside on Monday, as concerns covering the impact of Hurricane Irma and tensions with North Korea continued to subside.
Comex gold futures were down by $11.47 or about 0.85% at $1,339.74 a troy ounce by 08:30 a.m. ET (12:30 GMT), off Friday’s one-year peak of $1,362.40.
The dollar regained some strength following the state downgrading of Hurricane Irma’s strength to Category 1, as the storm pummeled Florida over the weekend after devastating high of someplace sunny and warm.
Massive storm surges have flooded areas across Miami, while downed trees and power lines have died over Two million residents without power.
U.S. President Mr . trump said on Saturday that she will ask Congress to hurry up its efforts to overhaul the U.S. tax code, citing the possibility impact of Hurricane Irma.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.31% at 91.60, off Friday’s 32-month low of 90.99.
Gold is sensitive to moves from the dollar. A stronger dollar makes gold higher in price for holders of foreign money.
Market participants had been concerned about a possible North Korean missile test on Saturday, to mark the anniversary with the founding of the nation.
However, investors were relieved to find out that Pyongyang made a decision to view the 69th anniversary of the company’s founding only by honoring the scientists behind the massive nuclear try it conducted yesterday.
Elsewhere over the Comex, silver futures lost 28 cents or about 1.58% to $17.84 a troy ounce.