Gold inched lower on Friday, having posted its biggest daily decline in two weeks in the previous session, as the impact of a weak dollar
was offset by gains on Wall Street.
Just as the Trump administration seeks to stem immigration, a weak dollar
hurts firms abroad seeking to export into the U.S.
In world markets, oil prices were stable in trading yesterday due to strong deman and weak dollar
, including OPEC continued commitment to reduce production.
Treasury Secretary Steven Mnuchin said that a weak dollar
was good for trade, while the Trump said the US "is becoming so economically strong again - and strong in other ways too, by the way - that the dollar is going to get stronger and stronger."
The dollar was weak following the US Treasury Secretary hailing a 'weak dollar
' at the World Economic Forum in Davos.
The dollar saw its worst day since March 2016, after Treasury Secretary Steven Mnuchin said a weak dollar
would help US trade.
When Mnuchin suggested Wednesday at a global economic forum in Davos, Switzerland, that a weak dollar
would benefit the United States, the U.S.
Treasury Secretary Mnuchin disavowing weak dollar
attribution, before rolling back over to session lows of 108.62 on the Kuroda scree earlier.
However, despite low inflation and weak dollar
the resistance level of $1,300 is firm for now as expected US Fed rate hike and profit taking may keep gold from breaching the barrier this year.
However, continued capital inflows and weak dollar
overseas restricted the rupee fall to some extent, a forex dealer said.
Crude oil prices rebounded on Tuesday thanks to a weak dollar
, as the political paralysis in Washington over the US budget showed no sign of ending.