WASHINGTON (dpa-AFX) - Gold prices climbed to eight-month highs on Tuesday as traders continued to seek the safe haven asset amid concerns about corporate earnings and U.S.-China trade tensions.
The dollar stayed sluggish, after easing to a two-week low, ahead of Federal Reserve's monetary policy statement, due on Wednesday. The central bank is widely expected to hold interest rate unchanged.
Gold futures for February ended up $5.80, or 0.5%, at $1,308.90 an ounce. Gold futures for April settled at $1,315.20 an ounce, gaining $5.90, or 0.5%, for the session.
On Monday, gold futures for February ended up $5.00, or 0.4%, at $1,303.10 an ounce, while futures for April settled at $1,309.30 an ounce, gaining $5.1 for the session.
Silver futures for March ended at $15.839 an ounce, up $0.074 from previous close.
Copper futures for March ended up $0.0450, at $2.7250 per pound.
After raising interest rate four times last year, top Fed officials, including Jerome Powell said that the central bank would be flexible with regard to future policy stance.
Powell said the central bank 'will be patient' with monetary policy as it watches the economy evolve and that monetary policy is not on a 'preset path.'
On the trade front, Chinese Vice Premier Liu He is expected to begin talks with U.S. Trade representative Robert Lighthizer and other officials on Wednesday.
Meanwhile, news about the U.S. Justice Department charging Chinese tech giant Huawei with bank fraud and conspiring to steel trade secrets has raised fresh concerns about U.S.-China trade issues.
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