Gold slips from six-month peak and is still set for weekly gain
Silver hits its highest since mid-July as US gold futures briefly touch $1,300 an ounce
Bengaluru — Gold slipped from a more than six-month high on Friday but was set to end the week up, helped by lingering worries about the global economy that have boosted appetite for the metal. Spot gold touched its highest since mid-June at $1,298.42, but slipped back on profit-taking to trade 0.4% lower on the day at $1,288.31 an ounce as of 1.42pm GMT. It was still up about 0.6% on the week. US gold futures were down 0.3% at $1,290.50 an ounce, having risen above $1,300 earlier in the session. “Gold is pausing for breath right now, with obvious potential for short-term profit-taking from speculative investors,” said Mitsubishi analyst Jonathan Butler. “We have got to put it in the context of a rather impressive risk-off rally that we have seen since the middle of December, that led to gold going close to $1,300.” Concerns about the global economy and a trade war between China and the US that battered equity markets at the end of 2018 have supported gold, which is typically seen a...
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