Gold: US dollar losses spur on

Gold gained broadly at the close of the week amid strong US dollar losses. Precious metal has been trading high at $ 1,473.23 a troy ounce to date.

As the news agency Bloomberg announced, the US and China are said to have reached a basic agreement in the trade dispute. According to the report, US President Donald Trump has already signed a corresponding document. The new import tariffs on Chinese goods worth around $ 160 billion planned for December 15 could not come into force. In return, China has pledged to buy more US agricultural goods, it said.

Contributing to the fall in the US dollar to a four-month low as a result of the pound gains was news that Prime Minister Boris Johnson’s Conservative Party won an absolute majority in the UK general election. It is expected on the market that Johnson Great Britain will now lead on January 31, 2020 with the already negotiated agreement from the European Union (EU).

A fall in the US dollar usually benefits gold-denominated gold, as a weaker US dollar makes precious metals cheaper for investors outside the dollar area. At around 10:15 a.m.CET, gold was up 0.20 percent at $ 1,472.01 a troy ounce.