Gold lifts to one-week peak on softer dollar
Speculators slashed their bullish bets in Comex gold in the week to April 2, data showed on Friday
Bengaluru — Gold prices rose to a more than one-week peak on Monday as the dollar slipped on slow US wage growth in March and a rally in equities stalled, boosting bullion's appeal. Spot gold gained 0.4% to $1,297.02 per ounce by 10.19am GMT, having earlier touched its highest since March 29 at $1,297.86. US gold futures were up 0.4% at $1,300.8 an ounce. "The market is just getting a little bit of confidence back after once again failing to break lower last week," said Saxo Bank analyst Ole Hansen. "We've got a weaker dollar, China buying another chunk of gold last month continues to show that the physical underlying demand and renewed fighting in Libya is just raising the geopolitical temperature," Hansen said, adding gold was once again potentially challenging the $1,300 level. A rally in stocks, which has capped gold's gains recently, paused, while the dollar was down 0.2% against key rivals, making bullion cheaper for holders of other currencies. Data on Friday showed employmen...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.