Bengaluru — Gold prices rose on Thursday, recovering from the previous session’s fall, as the US dollar edged lower against the Japanese yen.Spot gold was up 0.3% at $1,218.86/oz at 3am GMT, after losing 0.65% in the previous session.US gold futures were nearly unchanged at $1,227.30/oz."I think people are just watching the dollar. The dollar-yen is down and gold is up," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank said, adding that the latest headlines on the trade war front between the US and China had likely induced some buying.The dollar was down 0.1% at ¥111.62 early Thursday. The greenback was, however, supported against major peers after the Federal Reserve kept interest rates steady and gave an upbeat assessment of the world’s biggest economy, keeping it on course to increase borrowing costs in September.A weaker dollar makes greenback-denominated gold cheaper for holders of other currencies while higher interest rates typically pressure gold by increasing t...
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.