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Gold futures edge higher ahead of Kim-Trump summit

2018-06-12 08:44

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Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Monday, as investors awaited the hotly anticipated meeting between top leader of the Democratic People's Republic of Korea (DPRK) Kim Jong Un and U.S. President Donald Trump in Singapore.

The most active gold contract for August delivery edged up 0.5 U.S. dollar, or 0.04 percent, to close at 1,303.2 dollars per ounce.

The summit between Kim and Trump is the first between incumbent leaders of both countries since the end of the 1950-53 Korean War.

Trump kept open the possibility of ensuing meetings with Kim following the one in Singapore, which he said will hopefully start "something big."

However, a stronger U.S. dollar exerted pressure on gold prices. The U.S. dollar index, which measures the buck against six rivals, went up 0.05 percent to 93.582 as of 2000 GMT.

Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall.

As for other precious metals, silver for July delivery added 21.1 cents, or 1.26 percent, to settle at 16.952 dollars per ounce. Platinum for July rose 0.7 dollar, or 0.08 percent, to close at 906.4 dollars per ounce.
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