Gold steady near six-month high on global economic worries
Amid stock volatility, gold has gained 1.6% so far this week; palladium is up about 3% this week as silver hits a five-month high
Bengaluru — Gold prices held steady near a six-month peak scaled on Friday, supported by a weaker dollar, worries over global economic growth and stock market tumult, propelling bullion to a second week of gains. Spot gold was up 0.2% at $1,277.09 an ounce by 1.30pm GMT, and up 1.6% so far this week. Earlier it had peaked at $1,282.09, its highest since June 19. US gold futures were down 0.1% at $1,279.70 an ounce. “Gold prices rose as market sentiment soured anew, weighing on bond yields and cooling US Federal Reserve rate hike bets. That buoyed the appeal of non-interest-bearing bullion,” said Ilya Spivak, a currency Strategist at DailyFx. “From here, follow-through buying seems unlikely as traders withhold conviction ahead of the long weekend and New Year holiday liquidity drain.” The dollar index, a gauge of its value against six major peers, fell 0.3%, adding to gold’s appeal by making it cheaper for holders of other currencies. Financial markets are expecting US growth to slow...
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.