Gold steadies as the dollar dips
Gains were capped by a rally in global stocks; silver is up from three-month lows hit on Tuesday and platinum is up 1.5%
Bengaluru — Gold steadied on Wednesday, supported by a dip in the dollar, while gains were capped by a rally in global stocks following reassuring economic data from the US and China and optimism that the two countries would strike a trade deal. Spot gold was unchanged at $1,292.29 an ounce as of 10.19am GMT, having touched its lowest level since March 7 at $1,284.76 in the previous session. US gold futures were up 0.1% to $1,296.20 an ounce. Rising stock markets are holding gold back, said Fawad Razaqzada, market analyst with Forex.com, adding, “investors are moving into racier equity markets rather than slower moving precious markets. Given the fundamental factors, even though the equity markets remain supported, it doesn’t mean gold will fall. With the US Federal Reserve being dovish, the dollar being low, and yields being lower, the fundamental environment for gold itself is positive.” Signs of progress in US-China trade talks this week and decent factory activity data from both...
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