Gold steady as dollar loses steam
Spot gold flat at $1,292.48/oz as a weaker dollar offset pressure on the precious metal while platinum and silver gain
Bengaluru — Prices were steady on Wednesday as a weaker dollar offset pressure on the metal, which recovered from a four-week low in the previous session, while a rally in equities to multi-month highs capped bullion’s safe-haven demand. Spot gold was flat at $1,292.48/oz as of 03.54 GMT, having touched its lowest level since March 7 at $1,284.76/oz in the previous session. US gold futures firmed 0.1% at $1,296.90/oz. “There won’t be much movement in gold prices as stocks have gone up to their highs in Asia and investors are not seeing gold as a good safe-haven,” said Brian Lan, MD at dealer GoldSilver Central in Singapore. Asian shares climbed to seven-month highs as investors lapped up signs of progress in US-China trade talks and brisk economic data. Markets drew hope from White House economic adviser Larry Kudlow, who on Tuesday said the two countries “expect to make more headway” in trade talks this week. US trade representative Robert Lighthizer and treasury secretary Steven M...
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