Gold prices edged higher on Tuesday, extending gains to a third straight session, as the dollar declined on U.S. President Donald Trump’s remarks about the Federal Reserve’s interest rate hikes and accusation that China and
Europe were manipulating their currencies.
Trump, who said that he was “not thrilled” with the Federal Reserve under Chairman Jerome Powell, added that the Fed needs to do more to help him boost the economy.
The dollar declined against most major currencies following Trump’s remarks. The dollar index eased by about 0.4% to 95.56, extending its slide to a fifth successive session.
Gold futures for December ended up $5.40, or 0.45%, at $1,200 an ounce.
On Monday, gold futures settled at $1,194.60 an ounce, up $10.40, or 0.88%, the biggest gain in a single session in nearly a month.
Silver futures for September moved up $0.096, to $14.766 an ounce. Copper futures rose $0.027 to $2.695 per pound.
The dollar’s decline in recent sessions – the dollar index has shed about 1.2% since last Wednesday – has aided the yellow metal’s rise.
Meanwhile, traders were awaiting the release of the minutes of the latest Federal Reserve meeting, data on new and existing home sales and durable goods orders, all due in the next couple of days.
The Federal Reserve Chair Jerome Powell is scheduled to speak on monetary policy in a changing economy, at the annual global central bank conference in Jackson Hole, Wyoming, on August 24.