Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d


The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d
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Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets.

“U.S.-China talks are the big focus for the week and the dollar strength is indicative of the cautious market sentiment right now owing to its safe-haven status,” said Nick Twidale, chief operating officer at Rakuten Securities.

“The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.”

U.S. negotiators will this week press China on longstanding demands that it reform how it treats U.S. companies’ intellectual property in order to seal a trade deal that could prevent tariffs from rising on Chinese imports.

The dollar gained 0.1 percent versus the yen to 109.82. However, traders expect moves in dollar/yen to be small on Monday as Japanese markets remain shut for a public holiday.

The dollar index, a gauge of its value versus six major peers, was marginally higher at 96.64, on track for its eighth straight day of gains.

Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. Market confidence took a hit last week when U.S. President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal.

Trump has vowed to increase U.S. tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent currently if the two sides cannot reach a deal by March 2.

The euro was marginally lower versus the greenback at $1.1322 in early Asian trade while the Aussie was 0.15 percent higher at $0.7099, after a disastrous week in which it lost 2.2 percent.

The strength in the dollar has come despite the Federal Reserve taking a dovish stance at its last policy meeting in January. For now, investors are piling into the safety of the greenback due to fears of a sharp global economic slowdown.

The euro came under pressure as core European government debt yields touched their lowest in over two years. The single currency has lost 2.5 percent so far this month.

Benchmark German yields were just 10 basis points away from zero percent.

The European Commission sharply cut on Thursday its forecasts for euro zone economic growth for this year and next with the bloc’s largest economies expected to be held back by global trade tensions and domestic challenges.

Last month, the International Monetary Fund also downgraded its forecasts for global growth.

Elsewhere, sterling was down 0.1 percent at $1.2935. Traders expect the pound to remain volatile amid heightened political uncertainty over the Brexit process.


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Euro lifted off six-week low by Italian budget cut reports

The euro was lifted on Wednesday by reports that Italy plans to reduce its budget deficit over the next three years, but traders said the gains could be fleeting. The dollar index against a basket of six major currencies was 0.1 percent lower at 95.425 after scaling 95.744 overnight, its highest since Sept. 4. The yen and the Swiss franc, both safe-haven currencies, struggled against peers such as the euro, dollar and Australian dollar. Ishikawa said the dollar has benefited from recent euro wea


The euro was lifted on Wednesday by reports that Italy plans to reduce its budget deficit over the next three years, but traders said the gains could be fleeting. The dollar index against a basket of six major currencies was 0.1 percent lower at 95.425 after scaling 95.744 overnight, its highest since Sept. 4. The yen and the Swiss franc, both safe-haven currencies, struggled against peers such as the euro, dollar and Australian dollar. Ishikawa said the dollar has benefited from recent euro wea
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Euro lifted off six-week low by Italian budget cut reports

The euro was lifted on Wednesday by reports that Italy plans to reduce its budget deficit over the next three years, but traders said the gains could be fleeting.

Uncertainty surrounding Italy’s debt, fiscal plans and future ties with Europe have unnerved markets and exacerbated tensions with other euro zone leaders.

This has hit the euro, which on Tuesday slid to a six-week low after a senior lawmaker said that Italy should re-adopt a national currency, prompting a broad market sell-off .

The single currency regained some poise after a government source on Wednesday said Rome aims to gradually reduce its budget deficit to 2 percent of gross domestic product in 2021 .

“That the Italian government is trying to appease its EU partners can be seen as a step in the right direction and therefore justifies some euro-positive reaction,” said Thu Lan Nguyen, a FX strategist at Commerzbank AG in Frankfurt.

“The devil is in the details. The euro’s recovery will only continue if the new fiscal plans are also feasible,” she said.

The euro was up 0.2 percent at $1.1561 at 1030 GMT following a drop to $1.1505 overnight, its lowest since Aug. 21.

Italian Prime Minister Giuseppe Conte will meet ministers over the budget at around 1100 GMT on Wednesday.

Other analysts are less sanguine about the euro.

“When was the last time you ever heard anybody question the integrity of any other G8 currency?” said CMC Markets’ chief analyst, Michael Hewson.

“The fact that politicians feel the need to constantly reiterate this line speaks to a fundamental weakness at the heart of the single-currency area,” he said.

The dollar index against a basket of six major currencies was 0.1 percent lower at 95.425 after scaling 95.744 overnight, its highest since Sept. 4.

The yen and the Swiss franc, both safe-haven currencies, struggled against peers such as the euro, dollar and Australian dollar.

“U.S. data due later today, such as the non-manufacturing ISM index, will provide a chance to see if the economy is performing in line with the Fed’s views,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

Ishikawa said the dollar has benefited from recent euro weakness but that fundamental factors after the Federal Reserve raised interest rates last month had played a larger role. The dollar index has advanced about 1.4 percent since the Fed moved last Wednesday and said it foresees another rate hike in December.

The pound was 0.2 percent lower at $1.2995 after dropping on Tuesday to $1.2941, its weakest since Sept. 10, as conflicts over Prime Minister Theresa May’s Brexit plan escalated.

The Australian dollar was down half a percent at $0.7150 , a two-week low.


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Dollar steady after strong jobs report

The dollar index was little changed Friday after U.S. payrolls data was stronger than expected, while the euro continued to look ready to break a six-week loosing streak. The U.S. economy added 223,000 jobs in May while the unemployment rate was 3.8 percent, the Bureau of Labor Statistics reported Friday. Economists surveyed by Reuters had been expecting a gain of 3.9 percent and the jobless level to hold at 3.9 percent. With worries that political turmoil in Italy would roil markets receding, i


The dollar index was little changed Friday after U.S. payrolls data was stronger than expected, while the euro continued to look ready to break a six-week loosing streak. The U.S. economy added 223,000 jobs in May while the unemployment rate was 3.8 percent, the Bureau of Labor Statistics reported Friday. Economists surveyed by Reuters had been expecting a gain of 3.9 percent and the jobless level to hold at 3.9 percent. With worries that political turmoil in Italy would roil markets receding, i
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Dollar steady after strong jobs report

The dollar index was little changed Friday after U.S. payrolls data was stronger than expected, while the euro continued to look ready to break a six-week loosing streak.

The U.S. economy added 223,000 jobs in May while the unemployment rate was 3.8 percent, the Bureau of Labor Statistics reported Friday. Economists surveyed by Reuters had been expecting a gain of 3.9 percent and the jobless level to hold at 3.9 percent. The May numbers follow an initially reported 164,000 new jobs in April.

The dollar was up 0.1 percent against a basket of currencies to 94.11.

The euro looked set to break a six-week losing streak, flat at $1.168, supported by a drop in Italian bond yields after a revived coalition deal between two anti-establishment parties pulled the country back from snap elections. On a weekly basis, it is set to climb 0.5 percent, breaking six-week losing streak.

With worries that political turmoil in Italy would roil markets receding, investors have — after strong inflation data this week — shifted their focus back to predicting when will the European Central Bank raise interest rates.

Annual inflation in the 19 countries sharing the euro rose to 1.9 percent in May from 1.2 percent in April, well above expectations for a 1.6 percent increase.

“After the rollercoaster ride in the euro this week, markets are back to focusing on fundamentals and the inflation data will give food for thought to those who are betting on a sustained euro decline,” said Marc Ostwald, global strategist at ADM Investor Services International based in London.

The euro plunged earlier in the week and Italian bond yields soared, with 2-year yields posting their biggest one-day jump in 26 years on Tuesday, on fears that fresh elections in the euro zone’s third biggest economy could strengthen the hand of the anti-establishment parties there.

But the past two days have seen some stability with the euro recouping losses thanks in part to renewed efforts to form a government.

A new government in Spain, with the leader of the Spanish Socialist party Pedro Sanchez becoming prime minister, was greeted with relative calm in currency and bond markets.


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Gold dips to six-week low on firm dollar ahead of US Fed meet

Gold prices fell to a six-week low on Tuesday as the dollar firmed near 3-1/2-month highs, withinvestors awaiting direction on U.S. monetary policy from the U.S. Federal Reserve. Higher interest rates tend to boost the U.S. dollar and push bond yields up, pressuring gold prices by increasing the opportunity cost of holding non-yielding bullion. Prices touched their lowest in about a month, at $16.18, in the previous session. Prices fell to $896.50 earlier in the session, their lowest since Dec.


Gold prices fell to a six-week low on Tuesday as the dollar firmed near 3-1/2-month highs, withinvestors awaiting direction on U.S. monetary policy from the U.S. Federal Reserve. Higher interest rates tend to boost the U.S. dollar and push bond yields up, pressuring gold prices by increasing the opportunity cost of holding non-yielding bullion. Prices touched their lowest in about a month, at $16.18, in the previous session. Prices fell to $896.50 earlier in the session, their lowest since Dec.
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Gold dips to six-week low on firm dollar ahead of US Fed meet

Gold prices fell to a six-week low on Tuesday as the dollar firmed near 3-1/2-month highs, with

investors awaiting direction on U.S. monetary policy from the U.S. Federal Reserve.

Spot gold was down 0.3 percent at $1,310.77 per ounce at 0716 GMT. Prices hit $1,310.01 earlier in the session, their lowest since March 21.

U.S. gold futures for June delivery declined 0.5 percent to $1,313.10 per ounce.

“The recent U.S. dollar revival has negatively impact gold as the intensity of the USD correction has caught most traders by surprise,” said Stephen Innes, APAC trading head at OANDA.

The dollar index edged up 0.1 percent to 91.961 as investors awaited the Fed’s policy decision and key employment data due this week for fresh clues on the strength of the U.S. economy.

While the U.S. central bank is widely expected to stand pat on policy, market participants will be closely watching the two-day meet concluding on Wednesday for hints of an interest rate hike in June.

The greenback touched its highest since Jan. 11 at 91.986 on Friday. It climbed 2 percent in April, recording its biggest monthly gain since November 2016.

“Investor are also remaining cautious ahead of this week’s two day FOMC meeting,” said analysts at ANZ in a note.

Higher interest rates tend to boost the U.S. dollar and push bond yields up, pressuring gold prices by increasing the opportunity cost of holding non-yielding bullion.

“Support-wise (in gold), we are nearing some key technical levels with the 200 DMA at $1,304 and the psychological $1,300 level below that, expect broad support between $1,300 and the overnight low of $1,310,” MKS PAMP said in a note.

Meanwhile, U.S. stock futures edged up and Australian shares hit seven-week highs after the United States extended the deadline for imposing steel and aluminium tariffs on imports from Canada, the European Union and Mexico, and offered permanent exemptions for several other allies.

Most markets in Asia are closed for a Labour Day holiday.

Among other precious metals spot silver fell 0.4 percent to $16.24 per ounce. Prices touched their lowest in about a month, at $16.18, in the previous session.

Platinum was down 0.2 percent at $901.50 per ounce. Prices fell to $896.50 earlier in the session, their lowest since Dec. 18, 2017.

Palladium fell 0.7 percent to $958.00 per ounce. Prices touched a near three-week low of $955.72 earlier in the day.


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Bitcoin plunges below $12,000 to six-week low over crackdown fears

Bitcoin plunged to a six-week low Tuesday after comments from South Korea’s finance minister renewed worries about a crackdown in one of the largest markets for digital currency trading. Bitcoin fell nearly 17.7 percent to a low of $11,182.71 Tuesday, falling below $12,000 for the first time since Dec. 5, according to CoinDesk. Trading in South Korean won accounted for about 4 percent of bitcoin trading volume, according to CryptoCompare. On Monday, Bloomberg reported that authorities in China w


Bitcoin plunged to a six-week low Tuesday after comments from South Korea’s finance minister renewed worries about a crackdown in one of the largest markets for digital currency trading. Bitcoin fell nearly 17.7 percent to a low of $11,182.71 Tuesday, falling below $12,000 for the first time since Dec. 5, according to CoinDesk. Trading in South Korean won accounted for about 4 percent of bitcoin trading volume, according to CryptoCompare. On Monday, Bloomberg reported that authorities in China w
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Bitcoin plunges below $12,000 to six-week low over crackdown fears

Bitcoin plunged to a six-week low Tuesday after comments from South Korea’s finance minister renewed worries about a crackdown in one of the largest markets for digital currency trading.

South Korea Finance Minister Kim Dong-yeon said in a radio program interview that “the shutdown of virtual currency exchanges is still one of the options” the government has, according to an English-language report Tuesday from South Korea’s Yonhap News.

Bitcoin fell nearly 17.7 percent to a low of $11,182.71 Tuesday, falling below $12,000 for the first time since Dec. 5, according to CoinDesk. CoinDesk’s bitcoin price index tracks prices from cryptocurrency exchanges Bitstamp, Coinbase, itBit and Bitfinex. As of early Tuesday morning, ET, bitcoin was trading about 10 percent lower around $12,294, according to CoinDesk.

Trading in South Korean won accounted for about 4 percent of bitcoin trading volume, according to CryptoCompare. U.S. dollar-bitcoin trading had the largest share at 40 percent, the website showed.

Bitcoin 12-hour performance

Source: CoinDesk

Other major digital currencies including ethereum and ripple also fell significantly. According to CoinMarketCap data, ethereum was trading at $1,051.83, down more than 20 percent in the last 24 hours, before recovering to $1,156. Ripple fell almost 27 percent to $1.33 a token before recovering to $1.50.

Investors also monitored reports of an escalated crackdown on the cryptocurrency market in China.

On Monday, Bloomberg reported that authorities in China were planning to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading. Regulators will also target people and companies that provide market-making, settlement and clearing services for centralized trading, the publication said, citing unnamed sources.

And on Tuesday, a Chinese central bank official reportedly said that authorities should ban the centralized trading of digital currencies, adding weight to concerns of further suppression of the country’s cryptocurrency market.


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The ‘fear gauge’ hits six-week high, but it might not mean what you think

The CBOE Volatility index, or VIX, hit a high of just under 12 early Thursday, its highest level in six weeks. While that may seem like an impressive move, it actually underscores what has been a historically mild year for volatility. However, the way the indicator reflects implied volatility has shifted as new products around betting against volatility have gained popularity. So using the VIX as an indicator whether or not to buy the market, I would say, is broken,” he said. Indeed, the bull ma


The CBOE Volatility index, or VIX, hit a high of just under 12 early Thursday, its highest level in six weeks. While that may seem like an impressive move, it actually underscores what has been a historically mild year for volatility. However, the way the indicator reflects implied volatility has shifted as new products around betting against volatility have gained popularity. So using the VIX as an indicator whether or not to buy the market, I would say, is broken,” he said. Indeed, the bull ma
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The 'fear gauge' hits six-week high, but it might not mean what you think

VIX spikes just aren’t what they used to be.

The CBOE Volatility index, or VIX, hit a high of just under 12 early Thursday, its highest level in six weeks. While that may seem like an impressive move, it actually underscores what has been a historically mild year for volatility.

In fact, the index, known as the “fear gauge,” hasn’t traded up to its long-term average of about 19.4 once this year, and that has some market watchers debating whether it’s a reliable tell of what’s happening in the market anymore.

The VIX, which measures the market’s anticipated volatility over a 30-day period using a range of S&P 500 options, at levels this low appears justified, said Dennis Davitt, portfolio manager and partner at Harvest Volatility Management. However, the way the indicator reflects implied volatility has shifted as new products around betting against volatility have gained popularity.

One of the factors behind low volatility is products built upon strategies that sell volatility into the markets, which are popular now, Davitt said, but they are “better capitalized with their volatility sales” than in the past. Such products could include the iPath S&P 500 VIX Short-Term Futures exchange-traded note, or the VXX.

Davitt said such products have distorted the VIX and to some degree have robbed the index of its effectiveness as a market barometer. And at this point, the market is “much more based on structure, market structure, than fundamentals. So using the VIX as an indicator whether or not to buy the market, I would say, is broken,” he said.

“Right now, everyone is focusing on Korea and other macro risk that may be in the marketplace, but nobody is focusing on what’s going right. I think people need to step back and take a look at what’s going right in the marketplace,” Davitt said Tuesday on CNBC’s “Trading Nation.”

Furthermore, volatility is “adding stability to the market, causing the market to move less, causing the VIX to go lower, causing those strategies to be more successful, so it synergistically builds on itself,” Davitt added.

Max Wolff, chief economist at Disruptive Technology Advisors, agreed that the VIX has taken on somewhat of a different form than it once had.

While the index is still a good tell of the market’s general attitude toward risk, it’s become a “speculative object” that has pushed implied volatility to all-time lows this year, he explained. Indeed, the bull market has kicked into high gear this year as all major indices smashed through record highs. This as the VIX has remained at historic lows, seeing the most readings and closings under 10 on record.

“It’s become a way to make money betting against volatility, which is something that’s been very much rewarded in the market. So you have a big momentum trade betting against that volatility. What’s sort of happened is this thing we try to use as an indicator, the VIX, has become the object of a speculative game, and that’s pushed it down,” he said Tuesday on “Trading Nation.”

What that boils down to, Wolff said, is the index has now become “somewhere between a counterintuitive factor and a pretty weak factor in telling us what the actual riskiness of the market is.”

In the short term, he doesn’t see volatility picking up anytime soon despite geopolitical tensions arising globally. Markets are likely not as “passive” as the VIX reflects, he said, “but I do agree that there is a good reason for why it’s low.”


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Gold steady ahead of US GDP data

Gold steadied on Friday after retreating from a more than six-week high hit in the previous session, with investors looking for cues on the health of the U.S. economy from second-quarter gross domestic product data due later in the session. A recovery in the world’s biggest economy would give the beleaguered dollar some respite from the recent sell-off, and also dent the likelihood for higher interest rates which benefits non-interest yielding and safe-haven gold. “Our feeling is that the (GDP)


Gold steadied on Friday after retreating from a more than six-week high hit in the previous session, with investors looking for cues on the health of the U.S. economy from second-quarter gross domestic product data due later in the session. A recovery in the world’s biggest economy would give the beleaguered dollar some respite from the recent sell-off, and also dent the likelihood for higher interest rates which benefits non-interest yielding and safe-haven gold. “Our feeling is that the (GDP)
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Gold steady ahead of US GDP data

Gold steadied on Friday after retreating from a more than six-week high hit in the previous session, with investors looking for cues on the health of the U.S. economy from second-quarter gross domestic product data due later in the session.

A recovery in the world’s biggest economy would give the beleaguered dollar some respite from the recent sell-off, and also dent the likelihood for higher interest rates which benefits non-interest yielding and safe-haven gold.

“Our feeling is that the (GDP) number will be in line to somewhat below the 2.8 figure forecast, in which case we could see another modest advance in gold,” said INTL FCStone analyst Edward Meir.

“We expect to see a lot of action around the second-quarter GDP number.”


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Gold rises to six-week high as dollar drops after Fed statement

Gold rose for a second day on Thursday, hitting a six-week high, on rising demand for the yellow metal as the dollar dropped to a 13-month low after the U.S. Federal Reserve indicated that it would keep to a slow path of monetary tightening. The Fed’s statement followed a two-day policy meeting that ended on Wednesday where the central bank kept interest rates unchanged but expected to start winding down its massive holdings of bonds “relatively soon.” The decline in the greenback is a boon for


Gold rose for a second day on Thursday, hitting a six-week high, on rising demand for the yellow metal as the dollar dropped to a 13-month low after the U.S. Federal Reserve indicated that it would keep to a slow path of monetary tightening. The Fed’s statement followed a two-day policy meeting that ended on Wednesday where the central bank kept interest rates unchanged but expected to start winding down its massive holdings of bonds “relatively soon.” The decline in the greenback is a boon for
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Gold rises to six-week high as dollar drops after Fed statement

Gold rose for a second day on Thursday, hitting a six-week high, on rising demand for the yellow metal as the dollar dropped to a 13-month low after the U.S. Federal Reserve indicated that it would keep to a slow path of monetary tightening.

The Fed’s statement followed a two-day policy meeting that ended on Wednesday where the central bank kept interest rates unchanged but expected to start winding down its massive holdings of bonds “relatively soon.”

The decline in the greenback is a boon for dollar-denominated gold since it makes buying the metal less expensive for investors paying in other currencies.

“We think that gold has turned something of a corner and may now be in a position to retest its recent highs,” said INTL FCStone analyst Edward Meir.

“With the Fed now likely on hold at least till the end of the year and U.S. bond yields falling, there are some forming tail-winds that should propel prices higher over the short term,” Meir said.


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Gold hits more than six-week high as dollar, stocks slip

Also on Thursday, James Comey, former head of the U.S. Federal Bureau of Investigation, is due to appear before a Senate committee for the first time. Comey was fired by President Donald Trump in May while leading a probe into alleged Russian meddling in last year’s U.S. election. Spot gold rose 0.4 percent to $1,283.94 per ounce at 0405 GMT. It hit a peak of $1,284.96 an ounce early in the session, its highest level since April 21. U.S. gold futures were up 0.4 percent to $1,287.1 an ounce.


Also on Thursday, James Comey, former head of the U.S. Federal Bureau of Investigation, is due to appear before a Senate committee for the first time. Comey was fired by President Donald Trump in May while leading a probe into alleged Russian meddling in last year’s U.S. election. Spot gold rose 0.4 percent to $1,283.94 per ounce at 0405 GMT. It hit a peak of $1,284.96 an ounce early in the session, its highest level since April 21. U.S. gold futures were up 0.4 percent to $1,287.1 an ounce.
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Gold hits more than six-week high as dollar, stocks slip

Also on Thursday, James Comey, former head of the U.S. Federal Bureau of Investigation, is due to appear before a Senate committee for the first time. Comey was fired by President Donald Trump in May while leading a probe into alleged Russian meddling in last year’s U.S. election.

The events all have the potential to boost the safe-haven appeal of bullion, which is often used as an investment option during times of political and financial uncertainty.

“Much will, of course, depend on the U.S. dollar. However, with event risk in the form of this Thursday’s ECB rate decision and the UK general election, one would expect the safe haven bid to be alive and well as the week progresses,” said Jeffrey Halley, a senior market analyst at OANDA.

Spot gold rose 0.4 percent to $1,283.94 per ounce at 0405 GMT. It hit a peak of $1,284.96 an ounce early in the session, its highest level since April 21.

U.S. gold futures were up 0.4 percent to $1,287.1 an ounce.


Company: cnbc, Activity: cnbc, Date: 2017-06-05  Authors: getty images
Keywords: news, games, cnbc, companies, comey, uncertaintymuch, slip, 04, trump, high, hits, stocks, dollar, sixweek, gold, ounce, week, used, times, uk


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