Gold rises as Nafta-induced risk appetite fades
All eyes are now on US nonfarm payrolls data and Fed chairman Jerome Powell's speech on the US inflation and jobs outlook
Bengaluru — Gold prices rose on Tuesday as risk appetite faded after getting a boost from an agreement between the US and Canada to salvage a North American free trade deal. Asian stocks fell, with MSCI's broadest index of Asia-Pacific shares outside Japan declining 1% after a steady start, as cautious views on the global economy curbed risk sentiment. Spot gold was up 0.4% at $1,192.62 at 4.49am GMT, while US gold futures were 0.4% higher at $1,196.40 an ounce. "Prices have hovered around $1,190/oz and there is some demand from speculators and physical buyers at this level," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. Optimism surrounding a last-minute deal between the US and Canada on Sunday to salvage a trilateral pact with Mexico, increased the appetite for riskier assets on Monday. "Gold was assisted by a largely stable dollar index (on Tuesday)," said National Australia Bank economist John Sharma said. "Gold is likely to hover around $1,180-$1,2...
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.