London — Gold steadied on Thursday after its biggest one-day drop in more than six weeks, finding support from a retreat in the dollar and concerns about North Korea and the French election. Polls ahead of the French vote, which begins this weekend, give both far-right and far-left candidates a chance of making it into the run-off in May. Spot gold was at $1,278.26 an ounce at 9.50am GMT, little changed from $1,278.91 late on Wednesday. The metal hit a five-month high of $1,295.42 an ounce on Monday, before pulling back. "Gold is consolidating what have been fairly wide moves in the last week or two, and is trying to tackle overhead resistance in the $1,290-$1,292 area," Societe Generale analyst Robin Bhar said, adding that $1,300 was the short-term target. "But the market is taking its cues from other financial assets, particularly the dollar," he said. "A lot of geopolitical tensions haven’t really been resolved … so gold has a good underpinning here." The dollar fell to a three-w...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.