Gold loses ground, but stays near two-week high
Metal falls as the dollar strengthens and uncertainty over Brexit eases, but tepid US inflation data provides some support
Bengaluru — Gold fell on Thursday as the dollar regained some ground and uncertainty over Brexit eased, but the metal held close to a two-week high hit in the previous session as tepid US inflation data cemented expectations that the Federal Reserve will hold rates. Spot gold was down 0.4% at $1,303.83 per ounce as of 0416 GMT, after touching its highest since March 1 at $1,311.07 on Wednesday. US gold futures also dipped 0.4%, to $1,304.10 an ounce. “The dollar is playing a main role in driving gold prices down during Asia trading hours. The dollar has been falling for the last four sessions and we are seeing a small rebound today,” said Margaret Yang, a market analyst with CMC Markets, Singapore. Yang said the safe-haven demand for the metal as a hedge against Brexit uncertainty declined after British legislators rejected leaving the EU without a deal. The legislators are now widely expected to vote, later in the day, to delay Britain’s departure from the bloc, currently scheduled...
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