Gold Pares Back Gains as Dollar Regains Ground on Geopolitical Tensions

Gold Pares Back Gains as Dollar Regains Ground on Geopolitical Tensions

Gold futures prices retraced gains on Thursday, retreating from 5-month highs as the dollar recovered from an overnight selloff after U.S. President Donald Trump said the currency was too strong, besides rising tensions over US relations with Russia and North Korea.

Gold for June delivery was at $1,284.75 on the Comex, after going as high as $1,290.05 overnight, the most since Nov 9.

Spot gold earlier rose as much as 0.2 percent to 1,287.98 per ounce, the highest since Nov. 10.

The dollar recovered after retreating following Trump’s comments on Wednesday.

In an interview with The Wall Street Journal Trump, the US dollar said, “is growing stronger” and ultimately harms the economy. Trump also said he prefers the Federal Reserve to keep interest rates low.

The dollar index, which measures the strength of the greenback versus a basket of six major currencies, rose 0.36% to hit 100.42 after hitting a two-week low of 99.94.

South Korea expressed its belief on Thursday that the United States Stscharha before any possible preemptive strike against Pyongyang and China urged the North to stop its nuclear program in exchange for greater protection of Beijing.

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