London — Gold was on track for its fourth straight session of gains on Thursday as the dollar skidded to its lowest in two weeks on concerns about the impact of high levels of US debt and tax cuts. Spot gold was up 0.2% at $1,353.73 an ounce by 11.06am GMT after earlier hitting its highest since January 25 at $1,357.08. It had risen 1.6% on Wednesday, its highest one-day gain since May 2017. US gold futures were down 0.1% at $1,356.8 per ounce. "We are back to what was driving gold prior to that little spike in volatility last week, which is the direction of the dollar and the longer term direction of US debt and how it’s going to be serviced," ICBC Standard Bank analyst Tom Kendall said. The dollar index against a basket of currencies was down 0.5% at 88.686, after earlier hitting a near two-week low of 88.585. A recovery in broader risk sentiment was also seen weighing on the dollar, which had gained during the market turmoil earlier this month. The US currency has been hit by a v...
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.