Gold prices held broadly steady early today after dipping the session before, drawing some support from global political tensions and a slightly weaker dollar against the yen.
US gold futures were largely steady at around $1,219 an ounce. The US dollar was down 0.2 percent at 110.84 yen.
Japan’s economy expanded at an annualized rate of 1.9 percent in April-June, bouncing back from a contraction in the previous quarter, government data showed on Friday, in a sign its recovery momentum remained intact.
Asian stock markets fell today amid heightened global trade tensions, while currency markets were whipsawed by a searing selloff in Russia’s rouble after the United States slapped on new sanctions, and as economic worries sent the Turkish lira tumbling.
Japan’s Economy Minister Toshimitsu Motegi said he had a frank exchange about a trade on Thursday with US Trade Representative Robert Lighthizer while appearing to stick with Tokyo’s position of avoiding a bilateral free-trade agreement.
Chicago Federal Reserve Bank President Charles Evans said The US economy is performing “very well” with continued growth clearing the way for one or two more interest rate hikes in 2018.