Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Wednesday, as investors turned to buy safe assets like gold amid trade frictions between the United States and China.
The most active gold contract for June delivery went up 1.5 dollars, or 0.12 percent, to settle at 1,297.8 dollars per ounce.
Caution around U.S.-China trade frictions and weaker-than-expected U.S. retail sales data supported the precious metal.
However, gold’s rise was limited by the strength of greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.02 percent to 97.55 as of 1730 GMT.
Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.
As for other precious metals, silver for July delivery kept unchanged at 14.812 dollars per ounce. Platinum for July delivery was down 11.4 dollars, or 1.33 percent, to close at 847.7 dollars per ounce. Enditem