Gold steadies after three days of declines
‘It is more interesting for equities and people are making profit there, so nobody wants to trade in gold for the time being’
Bengaluru — Gold prices were steady on Tuesday, after falling for three days as investors opted for riskier assets. Growing prospects of a US interest rate increase, following strong economic data, were fuelling the risk appetite. Spot gold was little changed at $1,291.95 an ounce by 4.29am GMT. US gold futures for August delivery were down 0.1% at $1,295.80/oz. "There is lack of interest in gold. It is more interesting for equities and people are making profit there, so nobody wants to trade in gold for the time being," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. Wall Street’s three major indices rose on Monday, pushing the Nasdaq to a record closing high as investors bet on a continuation of strong economic growth. The dollar index, which measures the greenback against a basket of six major currencies, was up 0.1% at 94.080. "The recent strength in the dollar, amid positive economic data, has kept investor demand (for gold) subdued," ANZ said in a note...
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