Gold edges higher on improved technical outlook
Gold ETF inflows indicate positive sentiment, as silver and platinum slip to their lowest in a week
Bengaluru — Gold edged higher on Thursday, supported by an improved technical outlook after scaling key milestones as the market continued to hold out against a stronger dollar. Spot gold was up 0.2% at $1,224.38 an ounce by 11.38am GMT. US gold futures were flat at $1,227.40. “Overall, we have been technically breaking above the previous highs, so it will be difficult for gold prices to move below that,” said ABN AMRO analyst Georgette Boele. “I think the overall picture has improved.” A global stock market sell-off on Monday added some appeal to gold, helping prices to a two-and-a-half-month peak of $1,233.26. Gold has also been testing resistance near the 100-day moving average, around $1,226, with some analysts saying a break above that level could trigger further gains. “The ones getting squeezed now are the shorts,” Beole said. The dollar index held near a one-week high after the US Federal Reserve minutes from its last meeting reiterated a hawkish stance on monetary policy, n...
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