Bengaluru — Gold prices were steady on Friday supported by the uncertainty around the Federal Reserve’s policy outlook for 2019 but the metal was on track to mark its biggest weekly decline in five weeks, as a firmer dollar weighed on the sentiment. Spot gold was steady at $1,241.99/oz, as of 3.55am GMT. On Thursday, prices fell to their lowest level since December 7 at $1,239.83. The metal is down about 0.4% so far for the week. US gold futures were down 0.1% at $1,246/oz. There are not many immediate risks at this point of time, therefore some people are holding on to their positions in gold and not liquidating, said Brian Lan, MD at dealer GoldSilver Central in Singapore. “Dollar has also strengthened a little.… We don’t expect gold to do much unless there’s something on the Fed decision [on rate hikes].” The dollar index, which measures the greenback against a basket of six major currencies, was up about 0.1% as investor focus shifted to an expected US interest rate hike next we...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now