Gold rises further as dollar’s safe-haven appeal fades
‘For gold to break $1,210, we need to see the dollar weakening against the emerging market currencies as well as the euro’
Bengaluru — Gold prices nudged up on Thursday as the dollar softened amid easing China-US trade fears and ahead of next week’s US Federal Reserve meeting. Spot gold was up 0.2% at $1,203.86 at 3.47am GMT, after rising 0.5% in the previous session. US gold futures were up 0.2% at $1,210.20 an ounce. "The risk (sentiment) is sort of flattening, but that’s also taking wind out of the safe-haven appeal of the US dollar (helping gold)," said Stephen Innes, Asia-Pacific trading head at Oanda. "For gold to break $1,210, we need to see the dollar weakening against the emerging market currencies as well as the euro. "However, there is not much of a safe-haven appeal (for gold) as the market is not packing in a lot of punch to trade war." Earlier this week, Washington imposed 10% tariffs on Chinese goods worth $200bn, while China retaliated with levies on about $60bn worth of US goods at scaled-back rates. Investors have been buying the dollar believing the US has less to lose from the disput...
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.