Bengaluru — Gold prices recovered on Tuesday from an 18-month low hit in the previous session as a break below a key psychological level triggered buying, while the dollar pared gains after scaling a 13-month high. Spot gold was up 0.2% at $1,195.77/oz, as of 3.41am GMT. In the previous session, the bullion hit $1191.35, its lowest since Jan. 30, 2017. US gold futures were up 0.3% at $1,202/oz. "Some stop-loss selling pushed the market lower below $1,200…. We see some fresh buying interest from here as well as some physical interest," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. "However, the market is still under pressure as the US dollar is still very strong. Also, interest rates are poised to go higher and market sentiments are bearish on the gold." The dollar index, which measures the greenback against a basket of six major currencies, was down about 0.1% at 96.302 on Tuesday after climbing to a 13-month high on Monday. "People punting on better gr...
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.