Gold and Silver Closed Positive Despite Strong US Dollar

Friday, 15/06/2018 | 06:28 GMT

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Gold and Silver contracts closed positive at $1.303/oz, +0.3% and $17.20/oz, +1.2% respectively but lower than their intra-days highs of $1.309/oz and $17.31/oz due to the strength of the US dollar after the dovish ECB’s statement to keep the interest rates flat until summer 2019.

In a normal trading conditions, any US dollar rally follows by a drop of the value on the precious metals as they have inverse relationship. But today, both precious metals rallied during the half trading session as they attracted “safe haven” trades from the market amid the fear of possible US tariffs of $50 billion worth on Chinese goods tomorrow Friday, June 15.

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