Bengaluru — Gold held steady on Tuesday supported by an easing dollar, with investors looking to a speech later in the day by Federal Reserve chair Janet Yellen for clues on the outlook for US monetary policy. Yellen is scheduled to take part in a discussion on global economic issues at London’s Royal Academy. She was likely to reiterate the central bank’s positive views about the US economy and the Fed’s stance of raising interest rates once more this year, said OCBC analyst Barnabas Gan. Spot gold had risen 0.1% to $1,244.96/oz by 4.28am GMT. It hit a near six-week low of $1,236.46 in the previous session. US gold futures for August delivery fell 0.1% to $1,245.40/oz. "We remain somewhat cautious about gold here as the poor-looking charts and the fact that funds seem to be paring length should keep the pressure on the complex for a while longer," said INTL FCStone analyst Edward Meir. "We think prices could eventually get to the $1,220-$1,225 level, at which point we could see som...
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.