Gold Prices Drop On Stronger Dollar Amid Trump-Kim Summit

By Investing.com / June 13, 2018 / www.investing.com / Article Link

Investing.com – Gold prices took a dip on Tuesday amid expectations for a positive outcome from the summit between U.S. President Donald Trump and North Korean leader Kim Jong Un.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange were down $2.40 or 0.18%, to $1,300.90 a troy ounce by 12:45PM ET (04:45 GMT).

The Trump-Kim meeting started at around 09:00PM ET (01:00GMT) in Singapore. The market is generally looking forward to some positive outcomes on denuclearization on the North Korea Peninsula.

Meanwhile, the U.S. dollar index, designed to track?EUR?the greenback against a basket of six major currencies, rose 0.17% to 93.72.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

Investors are also looking forward to a meeting of the US Federal Reserve’s Federal Open Market Committee that starts Wednesday. The Fed is widely expected to raise interest rates for the second time this year but the market is more focused on whether American central bankers will decide on four interest rate hikes this year.

In other precious metal trade, silver futures shed 0.25% to $16.910 a troy ounce, and platinum futures climbed 0.2% to $906.20 an ounce.

Recent News

Gold stocks lead the large cap miners by far over H1/25

July 07, 2025 / www.canadianminingreport.com

Gold stocks up as the metal price and equities gain

July 07, 2025 / www.canadianminingreport.com

Mixed outlook for gold as it remains range bound for past three months

June 30, 2025 / www.canadianminingreport.com

Gold stocks down on flat metal price

June 30, 2025 / www.canadianminingreport.com

Gold stocks down on metal decline

June 23, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok