Gold rides the wave of global uncertainty
The metal rises, recovering from a recent sharp fall, as the dollar loses ground and concern about a global slowdown sends investors on the hunt for safe-haven assets
Bengaluru — Gold prices rose on Friday, recovering from the previous session’s sharp fall, as the dollar dipped and mounting concerns about a slowdown in global economic growth boosted demand for the safe-haven bullion. Spot gold had gained 0.2% to $1,297.95/oz, as of 4.54 GMT, after shedding about 1% the day before. US gold futures were up 0.2% at $1,297.80/oz. The dollar slipped 0.1% against major currencies and was on track for its biggest weekly loss since early December. “The dollar has weakened and gold as a safe-haven asset has seen support from Brexit uncertainty. As long as gold can hold the $1,290 level, it can reach the first level of $1,302 and then $1,310,” said Ajay Kedia, director at Kedia Commodities in Mumbai. “The support we are now seeing at $1,290 shows that as long as there is lack of clarity on the [Brexit] deal, gold should be holding well.” British legislators voted on Thursday to seek a delay in Brexit, setting the stage for Prime Minister Theresa May to ren...
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