Bengaluru — Gold prices inched higher on Monday as the hope of easing trade tensions between the US and China put pressure on the dollar, adding to demand for the metal that improved last week after prices touched 19-month lows. Spot gold rose 0.1% to $1,185.31/oz at 2.45am GMT. Last week, it touched its lowest since January 2017 at $1,159.96. The metal fell 2.2% last week, marking the sixth consecutive weekly decline. It was also the worst weekly performance since December. US gold futures were up 0.7% at $1,191.60/oz. "Though the overall trend remains slightly weak for gold as there are no key fundamental cues favouring upside at the moment, value-buying in this oversold territory is highly likely to underpin prices," said Sugandha Sachdeva, vice-president of metals, energy and currency research at Religare Securities. Spot gold’s 14-day relative strength index was at 31.977, after touching a low of 21.187 last week. A reading below 30 indicates a commodity is oversold and could h...
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.