Gold holds steady after recovery from recent lows
Metal is steady after a pause in a global equities rally provided support, while the firm dollar caps further gains
Bengaluru — Gold prices steadied on Wednesday, after recovering from a more than five-week low in the previous session, lifted by a pause in global equities rally, while a firm dollar curbed further gains. Spot gold was steady at $1,287.25/oz, as of 4.18am GMT, after slipping to $1,280.70 in the previous session, its lowest since January 25. US gold futures were up about 0.3% at $1,287.90/oz. Asian stocks clung to tight ranges as investors awaited fresh directional cues from US-China trade negotiations and a weaker Wall Street finish capped broader gains, while robust U.S. economic data supported the dollar. “Gold is firming after the sharp fall as competing influences of the interest bearing assets are reversing. Bond yields have started to weaken gently, and while the dollar is going up, equities are seeing headwinds,” said Benjamin Lu, an analyst with Singapore-based Phillip Futures. “Gold in longer term is very much supported, partially due to shift in sentiments and global slow...
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