Global political tension buoys gold
Metal is steady, after dipping in the previous session, as turbulence in currency markets and political tension provide support
Bengaluru — Gold prices held broadly steady in Asia on Friday after dipping the session before, drawing little support from global political tension and turbulence in currency markets. Spot gold was flat at $1,212.12/oz at 3.21am GMT, having lost 0.1% on Thursday. US gold futures were steady at around $1,219.6/oz. "We’re looking for a direction in the US dollar to really dictate price action [in gold] today," ANZ analyst Daniel Hynes said, adding geopolitical issues around, in emerging markets in particular, were unlikely to provide a boost to prices. The US dollar, in which gold is priced, was down about 0.2% at ¥110.90. The greenback, however, hovered just short of a 13-month high against a basket of peers as European currencies such as the pound and euro continued to lose traction. Meanwhile, fresh US sanctions against Moscow drove down Russia’s rouble to a near two-year low, while the Turkish lira plumbed a record low in the wake of a diplomatic rift with the US. Gold prices, wh...
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