London — Gold was barely changed on Thursday, weighed down by a firmer dollar, while palladium hit its highest price in 22 months, helped by economic data. Spot gold was flat at $1,248.91 an ounce at 1.39pm GMT, retreating from an intraday peak of $1,253.12, its highest since February 28. US gold futures was also barely changed, up 0.03% to $1,250.20. "The most important reason is that the dollar is stronger and yields in the US are edging a little higher. Later in the year I expect prices to move higher, but for the moment $1,250 is the top end of the range," said ABN Amro commodities strategist Georgette Boele in Amsterdam. The dollar index, which measures the greenback against a basket of currencies, was slightly firmer at 99.716. It had dropped to its lowest in nearly seven weeks at 99.547 on Wednesday. The dollar briefly slipped after US jobless claims unexpectedly rose, sending gold temporarily higher. But with jobless levels still below a level associated with a strengthening...
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.