Gold prices steady below three-week high as stock markets rise
The Fed not raising rates this year is a strong signal for gold, and it’s getting good support at the $1,300 level, say analysts
Bengaluru — Gold was steady on Friday below a three-week peak hit the day before, pressured by rising stock markets but remaining on track for a third straight weekly gain after the US Federal Reserve said there would be no further interest-rate hikes this year. Spot gold was steady at $1,309.25 an ounce as of 4.03am GMT, while US gold futures gained 0.1 percent to $1,309 an ounce. Spot prices rose to their highest since February 28 at $1,320.22 on Thursday, before paring gains to end the day down 0.2%. “There was lot of profit-taking in gold after yesterday’s big jump and investors went into equity markets,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore. Asian shares rose to six-and-a-half-month highs after upbeat US data and optimism in the tech sector lifted Wall Street stocks. Gold is still on track for a third straight weekly gain, up about 0.6% so far this week. “Technically, gold is getting good support at the $1,300 price level and fundamentally...
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