Gold is hardly changed on a muted dollar
Metal is steady after cautious comments from Fed officials put pressure on the greenback
Bengaluru — Gold prices were steady on Monday, with the dollar subdued after comments from Federal Reserve officials showing caution over the global economy, prompting traders to reassess the pace of future US interest rate hikes. Spot gold was little changed at $1,220.70/oz at 4.17am GMT, having gained about 0.7% in the previous session. US gold futures were down 0.1% at $1,222.3/oz. The possibility that the Fed might hold a neutral outlook beyond 2018, and a slowdown in the global economy amid the ongoing US-China trade spat will keep investors a little more interested in gold's safe haven appeal, said Benjamin Lu, a commodities analyst with Phillip Futures. Fed policymakers on Friday signalled further interest rate increases ahead, even as they raised relatively muted concerns over a potential global slowdown, leading markets to suspect the tightening cycle may not have much further to run. A fourth rate hike in 2018 is expected in December and policymakers had earlier indicated ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.