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What’s next? – GOLD 09.03.18

Mar 9 2018, 04:42 PM (+06) |

Gold prices eased on Friday as market sentiment recovered after the White House confirmed a meeting between US President Donald Trump and North Korean leader Kim Jong Un.

On the Comex division of the New York Mercantile Exchange, gold futures dropped 0.23 percent at $1.318.60 a troy ounce as of 09:00 GMT.

On Thursday, President Trump expressed his willingness to meet Kim Jong Un in May, reassuring “improvements” are being made in order to achieve “permanent denuclearization”.

South Korea's National Security Office said the North-Korean leader is ready to "refrain from any further nuclear or missile tests" while negotiations are underway.

Earlier this week, North Korea leadership said denuclearization is on the table if the continuation of Kim Jong-un as head of the government will be guaranteed.

In other news, President Trump signed on the implementation of tariffs on steel and aluminium imports by 25 percent and 10 percent respectively. Measure will become effective in 15 days.

Despite a wave of critics across the world, Trump remains confident that this measure will boost employment in the United States. Canada and Mexico, two key commercial partners of the US, were exempted from the tariffs, although initially they were meant to pay too.

Trump said on Thursday: "A strong steel and aluminum industry are vital to our national security,… You don't have steel, you don't have a country."

The European Union and China have already shown strong disagreement with the resolution of the Trump administration, warning on developing severe countermeasures.

The US dollar index, which measures the greenback against six major currencies, was trading 0.07 percent higher at 90.22 by the time of this writing.

A stronger greenback has a negative impact on the metal. As the dollar gains strength, the metal becomes more expensive for holders of foreign currencies, which dampens its demand.

Ahead in the day, investors will be looking at a fresh employment report by the US Labor Department as of 13:30 GMT, with analysts forecasting a 200,000 build in NFP.

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