Gold eases off highs as investors lock in profits
Falling stock markets spur interest in gold as palladium moves away from Tuesday’s record high
Bengaluru — Gold prices edged lower on Thursday, with some investors taking advantage of a recent surge in prices to lock in profits. Spot gold was down 0.2% at $1,231.41 an ounce at 11.36am GMT. On Tuesday, it hit a more than three-month high of $1,239.68 as a global stock market sell-off spurred interest in the metal, which is considered a safer store of value during times of political and financial uncertainty. US gold futures were up 0.3% at $1,234.3 an ounce. “Gold is pausing for a breath and is probably consolidating for the next possible move higher. Some speculative investors would be in a position to take profit,” said Mitsubishi analyst Jonathan Butler. “It is running into some resistance around $1,240. The next significant level is the $1,250 psychological barrier.” Gold prices have gained more than 3% so far this month, on track to break a six-month losing streak, the length of which was last seen in the August 1996 to January 1997 period. European shares attempted to re...
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