Gold falls to lowest level in three-and-a-half months
The metal has lost about 1.4% in the holiday-shortened week, and is on track for a fourth straight weekly decline
Gold fell to its lowest since end-December on Thursday as indications that the global economy might not be as pain-stricken as previously feared prompted investors to take risks ahead of a slew of economic data. Spot gold fell 0.1% to $1,271.97 per ounce by 3.45am GMT, having fallen to $1,270.99 earlier in the session, its lowest since December 27. The metal has so far lost about 1.4% in the holiday-shortened week, and is on track for a fourth straight weekly decline. Most markets are closed for Good Friday on April 19. US gold futures lost 0.2% to $1,274.50 an ounce. The global economic concerns are off the table, said Brian Lan, MD at dealer GoldSilver Central in Singapore, adding that bullion was pressured as it broke below the support level of $1,275 an ounce earlier this week. "Now we will see gold testing the support at $1,265." Among a string of positive economic indications were data from both US and China that tempered concerns about global growth and took the sheen off saf...
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.