Gold steadies, as investors eye US trade developments and jobs report
Bengaluru — Gold steadied on Wednesday, edging higher after slipping to a more than one-week low in the previous session. The rise came as the dollar eased despite concern about an escalation in the trade conflict between the US and China. Spot gold rose 0.2% to $1,193.31 at 3.55am GMT, after touching a more than one-week low at $1,189.20 on Tuesday. US gold futures were up 0.1% at $1,199.70 an ounce. "We are in a situation where it is completely a dollar-driven trade. Until we get a convincing breakout (in gold) … the markets are going to be reticent," said Stephen Innes, Asia-Pacific trading head at Oanda. "The dollar can actually see a bit a reversal on the fact that we are not seeing a big wave of panic as there hasn’t been any significant impact on US equity markets." He said gold prices would hover around $1,190-$1,210 range in the short term. A stronger greenback makes dollar-priced gold costlier for non-US investors. Fears of a hit to global growth from US President Donald T...
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