Bengaluru — Gold rose on Tuesday as a recent dip to multi-week lows attracted some bargain hunters, but prices were well within recent ranges as the dollar remained on an upward trajectory. Spot gold rose 0.4% to $1,192.43 per ounce at 9.26am GMT, after shedding about 0.3% in the previous session. US gold futures were 0.4% higher at $1,196.10. “It is unusual that gold is trading higher, even with the stronger dollar. People are looking to buy into gold as they believe that prices below $1,200 are, indeed, attractive,” Julius Bär analyst Carsten Menke said. A higher dollar makes bullion more expensive for holders of other currencies, curtailing demand. Gold prices have fallen for the past six months, losing 13%, largely due to dollar strength, with the US currency benefiting from a vibrant US economy and fears of a global trade war. Market participants are also on the lookout for any additional clues on the pace of interest rate hikes from US Federal Reserve chair Jerome Powell, who ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.