Gold rises on bargain hunting but holds within tight range
Holdings in SPDR Gold Trust declined 0.3% on Monday, with markets watching the US Fed speech later in the day
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 ...
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