Gold hits six-month peak but heads for first annual drop since 2015
Gold and silver are set for their best month since January 2017 as platinum suffers its worst year since 2015
Bengaluru — Gold scaled a six-month peak on Monday but was poised for its first annual decline since 2015 after losing out this year to dollar strength linked to the China-US trade conflict and rising interest rates. Spot gold rose 0.2% to $1,283.10 an ounce at 1.23pm GMT, with a dip in the dollar helping to lift the metal to its highest since June 15. US gold futures were up 0.2% at $1,285.50. However, spot prices are still down 1.5% in the year to date. “Gold started well in 2018, but a recovery in the dollar weakened prices and uncertainty on the US-China trade front weakened the yuan, further pulling gold down,” said ABN AMRO analyst Georgette Boele. Some stabilisation in the yuan and weakness in dollar has helped the recent recovery in gold, she said, which has put the metal on track for its best December in a decade. “We expect gold prices to hit $1,400 next year.” The dollar eased 0.2% against a basket of currencies on Monday after US President Donald Trump indicated over the...
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