Gold holds steady after steep fall
Spot gold remains flat in early trade while US gold futures gain
Bengaluru — Gold was little changed on Friday, having declined the most in two weeks in the previous session after strong US economic data, but the metal’s losses were limited by falls in the dollar and Asian equities. Spot gold was flat at $1,291.93/oz as of 04.01 GMT, after touching a one-week low on Thursday. US gold futures gained about 0.1% to $1,294.60/oz. “The market is holding tight ahead of the corporate earnings to know whether the economic conditions slowed in the first quarter and did it affect the corporate structure,” Phillip Futures analyst Benjamin Lu said. “If earnings show stronger and better than expected results we might see gold stepping back a little further.” Strong earnings will likely increase investor appetite for riskier assets, denting bullion’s appeal. Asian shares turned lower ahead of the US corporate earnings season as investor caution over the global growth outlook overcame some reassuring US economic data. The dollar fell 0.2% against key rivals, pa...
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