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Washington sources reported that while Gold prices rose on the back of a weaker US dollar on Tuesday, extending gains into a third session after US president Donald Trump said he was "not thrilled" with the US Federal Reserve for raising interest rates. Meanwhile spot gold was up 0.3% at $1,193.97.24 an ounce at 0054 GMT and it climbed 0.5% in the previous session. US gold futures were up 0.5% at $1,200.60 an ounce.
Furthermore the dollar index, which measures the greenback against a basket of six major peers, was down 0.4% at 95.494 and the dollar was down 0.2% at 109.86 yen. Moreover Trump said on Monday he was "not thrilled" with the Federal Reserve under his own appointee, Chairman Jerome Powell, for raising interest rates and said the US central bank should do more to help him to boost the economy. Recently US businesses have a message for the Trump administration as new tariffs on $200 billion of Chinese imports will force Americans to pay more for items they use throughout their daily lives, from cradles to first bicycles and wedding dresses to coffins.
Presently China, seeking to skirt US sanctions,
will use oil tankers from Iran for its purchases of that country's crude,
throwing Tehran a lifeline while European companies such as France's Total are
walking away due to fear of reprisals from Washington.