Gold on track for third week of gains
Bullion hardly changed at $1,238.16 as the dollar hovers near one-week lows political uncertainty in the US and Europe provides support
Bengaluru — Gold prices held firm on Friday as the dollar hovered near one-week lows, keeping the metal on track for a third week of gains amid political uncertainty in the US and Europe. Spot gold was steady at $1,238.16/oz at 3.21am GMT, while US gold futures were down 0.2% at $1,239. Gold is up 0.3% so far this week and has risen about 7.5% in 2017. "Gold edged higher overnight on the back of a weaker dollar and lower US treasury yields. Add in a drop in the equity market and you have the holy trinity for higher gold prices," said Stephen Innes, senior trader at Oanda. "However, dealers are extremely cautious about running the market higher as the March [Federal Reserve] rate hike debate will likely play out for the foreseeable future." Concern over US President Donald Trump’s policies, as well as elections in the Netherlands, France and Germany this year, fuelled gold’s rise to a peak of $1,244.67 on February 8. But the prospect of a stronger dollar and US treasury yields after ...
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