Gold prices tick higher, benefiting from a weaker dollar and tensions between the U.S. and China. The precious metal is up 0.2% at $1,816.50 a troy ounce in the New York futures market, taking its advance over the past month to 5.1%. A weaker dollar typically boosts commodities that trade in terms of the U.S. currency by making them cheaper for investors overseas.
“Gold is also finding support from geopolitical tensions that continue to simmer,” Carsten Fritsch of Commerzbank says. President Trump on Tuesday signed into law a bipartisan bill to sanction Chinese officials over Beijing’s crackdown on Hong Kong. Elsewhere in metals, three-month copper forwards edge down 0.2% to $6,485.50 a metric ton on the London Metal Exchange.