Investing.com - Gold prices trader higher for a second-consecutive session on Wednesday, as a weak dollar continued to support the precious metal and investors looked ahead to trade talks between the U.S. and the European Union.
At 11:11 AM ET (15:11 GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained $3.60, or 0.29%, to $1,229.10 a troy ounce, pulling off an intraday high of $1,234.30, its strongest level since July 16.
Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.03% to 94.36.
A weaker greenback makes the dollar-denominated metal more affordable for holders of other currencies.
Markets were focused on a meeting over trade between U.S. President Donald Trump and European Commission chief Jean-Claude Juncker to begin Wednesday at 1:30 PM ET (17:30 GMT).
Talks are expected to center on the auto industry amid heightened trade tensions between Europe and Washington.
Last month, the U.S. slapped tariffs on steel and aluminum imports from the EU, which led to Europe putting 25% tariffs on bourbon whiskey, peanut butter, motorcycles and jeans.
Trump suggested in a tweet on Tuesday night that both parties should do away with all tariffs, He emphasized that he was ready, but claimed Europe would not accept.
EU trade Commissioner Cecilia Malmstrom said Wednesday that the economic bloc was preparing to impose tariffs on $20 billion of U.S. imports if Washington follows through on threats of levies on European autos.
Gold is generally sought out as a safe haven store of value in times of political and economic uncertainty.
In other metals trading, silver futures gained 0.19% at $15.550 a troy ounce by 11:13 AM ET (15:13 GMT).
Palladium futures advanced 1.49% to $922.10 an ounce, while sister metal platinum traded up 0.26% at $837.80.
In base metals, copper rose 0.05% to $2.812 a pound.