Gold slips, but hovers near 10-week high amid market turmoil
The bullion has been benefiting from a global market slump, jumping 2.5% on Thursday, its sharpest gain since June 2016
Bengaluru — Gold prices edged lower on Friday, but held near a more than 10-week high hit in the previous session when the metal breached a key resistance level, stoking optimism about an uptick in prices. Spot gold was down 0.3% at $1,219.67 an ounce, as of 4.28am GMT, after the bullion jumped about 2.5% on Thursday, its sharpest gain since June 2016, as a rout in equities sent investors rushing to safe havens. US gold futures were down 0.4% at $1,223.20 an ounce. “The sinking of global markets has led people to seek gold as a safe haven. However, in Asian hours today we have seen some profit-taking,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. “With prices breaking the resistant $1,200 level and also crossing $1,225, it could be a signal that gold market is on the upside. Especially, given that during November and December we also see increased physical buying.” Asian shares appeared tentative on Friday, holding steady after a nine-session losing st...
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