Gold slips as investors flock to dollar safety
The greenback is gaining the most from the US-China trade spat’s impact on global growth sentiment
Bengaluru — Gold fell on Monday as investors looked to the safety of the dollar to stave off risks from the US-China trade spat, as concerns mounted over a slowdown in global growth. Spot gold fell 0.6% to $1,306.51 an ounce by 10.53am GMT, after having risen for the previous two sessions. US gold futures declined 0.6% to $1,310.60 an ounce. “The dollar seems to be the main beneficiary of the fears of economic slowdown, pushing gold down,” said Mitsubishi analyst Jonathan Butler. “But gold has managed to be above $1,300 level, which is a fairly solid and decent support level since there are some downward pressures right now.” The dollar index was at a near six-week high, making the greenback-denominated gold more expensive for holders of other currencies. The dollar has risen despite the Federal Reserve pausing its multi-year rate hike cycle and dovish comments from several Fed officials, which pushed gold to a nine-month high at $1,326.30 in late January. While gold is supported by...
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