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Gold Prices Top $1,300 as Trump Cancels U.S.-North Korea Summit

CommoditiesMay 24, 2018 15:54
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Gold prices jump as U.S.-North Korea summit canceled

Investing.com - Gold prices extended gains in midmorning trade on Thursday as U.S. President Donald Trump dashed hopes for a summit with North Korea leader Kim Jong Un

At 10:40AM ET (14:40GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $16.30, or around 0.6%, to $1,305.90 a troy ounce. That was close to an intraday high of $1,306.30, its highest level since May 14.

Both leaders were set to meet in Singapore on June 12 to discuss the possibility of denuclearization. However, Trump called off the meeting.

“Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting,” he said in a letter to Kim.

Escalating friction between China and the U.S. on trade issues also served to increase appetite for the safe haven asset. U.S. President Donald Trump gave a bleak outlook on Wednesday, calling for a “different structure” in trade negotiations and suggesting that the current deal will be “too hard to get done”.

Policymakers will also be in the spotlight on Thursday as Atlanta Fed chief Raphael Bostic and Philadelphia Fed president Patrick Harker make appearances.

The two will appear as markets await Fed chairman Jerome Powell who will participate in a panel discussion of "Financial Stability and Central Bank Transparency" at the Sveriges Riskbank Conference in Stockholm, Sweden on Friday.

Higher U.S. interest rates tend to boost the dollar and push bond yields up, make non-yielding assets like bullion less attractive.

Although a rate hike is priced in for the Fed’s June meeting, minutes released on Wednesday were interpreted to imply a more dovish than expected stance from the U.S. central bank.

Following that release, odds for a total of four rate hikes this year dropped below the 50% threshold and were last at around 35% on Thursday.

In other metals trading, silver futures rose 1.6% at $16.660 a troy ounce by 10:43AM ET (14:43GMT).

Palladium futures advanced 0.5% to $975.70 an ounce, while sister metal platinum gained 1.5% at $914.10.

In base metals, copper traded up 0.6% to $3.090 a pound.

Gold Prices Top $1,300 as Trump Cancels U.S.-North Korea Summit
 

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