Gold slips slightly but manages to hold above $1,300/oz
The metal is likely to break to $1,311 as it has cleared resistance at $1,299, says analyst Wang Tao
London — Gold edged lower on Monday as the dollar steadied, but the metal held above $1,300 as investors adopted a cautious approach while awaiting developments on the US-China trade front and Federal Reserve policy. Spot gold eased 0.2% to $1,300.92 per ounce as of 11.23am GMT, having risen earlier in the session to $1,304.42, its highest since June 14 2018. The metal broke above $1,300 in the last session after failing to do so multiple times before. US gold futures climbed 0.2% to $1,300.10 per ounce. "With the news over the weekend that at least on a temporary basis, we have an end to the shutdown in the US, you'd expect gold prices to be a little bit softer," Julius Baer analyst Carsten Menke said. Late on Friday, US President Donald Trump succumbed to demands for reopening the government without securing $5.7bn from Congress for a border wall, a move that brought some relief to the wider markets. The dollar index, a gauge of its value versus six major peers, held steady. The d...
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