Bengaluru — Gold held firm on Friday near a one-week high hit in the previous session and was on course for its first weekly rise in three as the dollar weakened after the US Federal Reserve signalled no increase in the pace of monetary tightening. Spot gold was up 0.1% at $1,227.11/oz by 3.08am GMT, after hitting its highest since March 6 in the previous session at $1,233.13. US gold futures were down 30c an ounce at $1,226.80. The metal rose and the dollar index hit a five-week low on Thursday after the Fed raised US interest rates as expected, but did not flag any plans to accelerate the pace of monetary tightening as some had expected. "The market is not sure about the timing of a rate hike in the future. I would expect gold to trade in a wide band of $1,190-$1,230 between the French elections and US Federal Reserve meeting in May," said Jiang Shu, chief analyst at Shandong Gold Group. "What’s happening now is just an inverse trade against the dollar. If there is a risk averse s...
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.