Gold languishes near one-week lows
A firmer dollar and a renewed appetite for riskier assets is keeping the metal under pressure
Bengaluru — Gold prices on Tuesday held near one-week lows touched in the previous session, pressured by a firmer dollar and as investor appetite for riskier assets improved in the wake of strong US economic data. Spot gold was steady at $1,313.95/oz at 3.49am GMT. Prices in the last session fell to their lowest since January 29 at $1,308.20. US gold futures dipped 0.1% to $1,318.40/oz. Trading was muted in Asia with many markets closed for much of the week for Lunar New Year holidays. “Gold fell overnight as bond yields ticked up and the dollar was also strong due to a risk-on environment,” said Jeffrey Halley, a senior market analyst at Oanda. “There is strong technical support and the Fed is mostly dovish, which should see gold supported around the $1,300 area. The focus would be more on the US earnings season due to the absence of China for the whole week.” The dollar held on to recent gains against its peers on Tuesday, supported by the recovery in investor risk appetite. Spot ...
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