Gold slips to two-week low on stronger dollar
Upbeat US economic data boosted the greenback, while mounting concern over a slowdown in global growth has offered support to the safe-haven metal
Bengaluru — Gold prices hit a two-week low on Friday as upbeat US economic data boosted the dollar, while mounting concerns over a slowdown in global growth offered support to the safe-haven metal. As of 3.23am GMT, spot gold was 0.1% higher at $1,313.47/oz, after slipping to its lowest since February 15 at $1,311.61 earlier in the session. US gold futures were down 0.1% at $1,314.80/oz. The dollar, which pulled back from over three-week lows, moved closer to a 10-week high against the yen and was marginally higher against major currencies. The US commerce department’s report showed a better-than-expected performance in the fourth quarter pushed GDP up 2.9% for the year, just shy of the 3% annual growth target in 2018. “Gold is still fundamentally supported for the longer term despite the bearish pressures we see for now due to slight rise in bond yields and a firm dollar,” said Benjamin Lu, an analyst with Singapore-based Phillip Futures. The benchmark 10-year government yield was ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.