Gold loses ground on stronger dollar
Metal slides 0.1% but remains near a two-week peak as US-Europe trade fears and global growth concerns see investors switch from equities to gold
Bengaluru — Gold prices inched down on Wednesday as the dollar firmed, but the metal remained near a two-week peak hit in the previous session as equities slipped on concerns over global growth and trade tensions between the US and Europe. Spot gold was down 0.1% at $1,302.02/oz at 03.28 GMT, after touching its highest since March 28 at $1,306.09/oz the session before. US gold futures slipped 0.2% to $1,306/oz. While the dollar gained about 0.1% against key rivals, a slip in Asian equities from eight-month highs kept bullion underpinned above the key $1,300/oz level. A strong US dollar makes gold costlier for investors holding other currencies. “There is some switch from equities to gold after US President Donald Trump voiced his intention to impose tariffs on imports from the EU and the market had some concerns on the economic slowdown which was also reported by the IMF,” said Argonaut Securities analyst Helen Lau. Trump on Tuesday threatened to impose tariffs on $11bn worth of EU ...
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.