Bengaluru — Gold prices fell on Wednesday to hover around a four-month low touched in the previous session, as share markets rose and the dollar gained after strong US housing data dampened concerns about an economic slowdown in the country. Spot gold was down 0.3% at $1,268.84/oz by 3.28am GMT, having hit its lowest since the end of 2018 at $1,265.90 in the last session. US gold futures were 0.2% lower at $1,270.70/oz. “The major factor that is pressuring gold prices is the strength of the dollar, which is also pressuring physical demand,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. The dollar index hovered near a 22-month peak after data showed that sales of new single-family homes in the US rose to a near one-and-a-half-year high in March. The data eased concerns about a slowdown in the world’s largest economy, right ahead of the release of US GDP figures on Friday. The US is expected to beat analyst estimates of a 2.1% rate of growth with the Atla...
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.