London — Gold held near its highest in a month on Monday in holiday-thinned trade, with a softer dollar and a retreat in stock markets helping the metal cling on to the previous session’s gains. Gold hit its highest since May 1 on Friday at $1,269.50 an ounce, as nervousness over US President Donald Trump’s negotiations with other world leaders at the G7 summit prompted investors to buy bullion as an alternative to nominally higher-risk assets such as shares. Spot gold was at $1,266.30 an ounce at 1.40pm GMT, little changed from $1,266.66 late on Friday. US gold futures for June delivery down 0.2% at $1,265.20. A 0.1% retreat in the dollar index underpinned prices, but moves were muted, with traders in the US, London and China all out for national holidays. "Potential for prices is limited right now, but with the news from the G7 meeting and the weaker dollar, the gold price has gone up," said LBBW analyst Thorsten Proettel. Pointing to bruising meetings of Group of Seven nations an...
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.