Gold struggles to stabilise, platinum and palladium follow base metals higher
‘It’s too early to say that gold has bottomed out, but there are some tentative signs pointing in that direction. This process could take weeks if not months’
London — Gold ticked higher on Tuesday as the dollar slipped, but the metal struggled to stabilise after weeks of losses. Spot gold was 0.2% firmer at $1,226.31 an ounce at 10.15am GMT, while US gold futures for August delivery rose 0.1% to $1,226.50 an ounce. The dollar index, which measures the greenback against a basket of six major currencies, fell 0.2% after touching a one-year high last week. Gold has shed more than 10% since touching a peak of $1,365.23 in mid-April, largely hit by a stronger dollar amid US interest rate hikes. Last week it hit a one-year low. "Gold is likely to see a sideways trend in coming weeks, trying to find a bottom," said Carsten Fritsch, commodity analyst at Commerzbank in Frankfurt. "It’s too early to say that gold has bottomed out, but there are some tentative signs pointing in that direction. This process could take weeks if not months to recover from the losses and the damaged technical picture," he said. On the technical side, gold has broken be...
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