Gold steadies as firmer dollar offsets growth concerns
SPDR Gold Trust holdings are the highest since July, but investors are waiting for more concrete news out of the US-China trade talks
Bengaluru — Gold steadied near a more than six-month peak on Thursday as the dollar’s slight recovery offset concerns about economic growth after US-China talks failed to provide clarity on efforts to end their trade dispute. Spot gold was little changed at $1,293.42 an ounce as of 11.15am GMT, hovering near last week’s peak of $1,298.42 — a level last seen in the middle of June. US gold futures gained 0.2% to $1,294.20 an ounce. “Gold has a certain underlined resilience, which suggests a significant portion of investors remain apprehensive to the macro-economic backdrop and so they want to use gold as an insurance,” said Capital Economics analyst Ross Strachan. Concerns to economic growth continue to remain in the market with data showing that China’s consumer prices and factory-gate inflation both increased less than expected in December, while economic data in the eurozone has remained consistently weaker than forecasts over the past few months. “So far this week, prices have fai...
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