By: Taarek Refaat
WASHINGTON, Feb. 20(SEE)- Gold Surged to 10 Months High amid global trade optimism and pressure on the dollar's performance.
Gold prices weaken after hitting 10 months high amid global trade optimism and pressure on the dollar's performance.
The precious metal earned more than $ 22 on Tuesday as the greenback shifted for the third daily decline.
However, the yellow metal has witnessed a price decline after the release of the Federal Open Market Committee (FOMC) minutes. The minutes expressed concern regarding U.S economic growth.
This week, a new round of trade talks began between China and the United States. However, despite the trade war between the two economic giants, positive signs are beginning to emerge.
US President Donald Trump said on Tuesday that trade talks with China were performing well and suggested extending the deadline to complete negotiations without a new increase in tariffs.
The Federal Reserve's policy has become less supportive of monetary tightening, which has helped support gold prices.
In February, economic data shows that US homebuilder confidence climbed to four months high.
On Tuesday's trading, gold futures for April delivery rose 1.7 percent, or $ 22.70 settling at $ 1344.80 an ounce, the highest level since April 19.
During that period, the major dollar index, which tracks the performance of the greenback against 6 major currencies, fell 0.4 percent to record 96.483.
On Wednesday, however, gold dropped -1.71 percent to record $ 1,338.39 an ounce.
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