Gold holds onto gains as dollar comes under pressure
The metal, usually seen as a safe haven, has benefited from rising risk appetite as investors dump the dollar for riskier currencies
Bengaluru — Gold prices held firm on Thursday after hitting the highest in two weeks in the previous session, with improved risk appetite weighing on the dollar. Spot gold was 0.1% higher at $1,227.11 an ounce at 3.44am GMT. Prices on Wednesday marked their strongest since November 7 at $1,230.07/oz. US gold futures were down 0.2% at $1,226.10/oz. “Weakness in the dollar has supported investor appetite in the gold space,” said ANZ analyst Daniel Hynes. The dollar was broadly lower as demand for safe-haven currencies declined after a rebound in global equities, and as the euro strengthened on hope for a resolution of Italy’s budget dispute. Meanwhile, Asian shares stepped ahead cautiously, though rising US interest rates and escalating trade tensions kept financial markets on edge amid signs of slackening global growth. The dollar has been under pressure this week as cautious comments by Federal Reserve officials about a potential global slowdown raised doubts about the pace of inter...
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