Gold eyes first weekly gain in five as growth concerns loom
Spot gold is up about 0.4% this week as dollar trades near two-year peak on strength of US economy
Gold climbed on Friday, as signs of weak global growth rekindled investor interest in the safe-haven metal, keeping it on track for its first weekly gain in five, while a strong dollar ahead of the US GDP data capped gains for the bullion. Spot gold was up 0.1% at $1,278.62/oz as of 3.34am GMT. The metal rose 0.4% so far this week, and is poised for its first gain since the week ended March 22. US gold futures edged up 0.2% to $1,280.60/oz. Asian shares started timidly after world stocks were weighed down by data from Germany and Asia suggesting that the global economy was still under slowdown constraints. “Weak data indicates that the countries may have to undertake monetary easing measures, so that is a boost to gold prices,” said Argonaut Securities analyst Helen Lau. “Some investors are wanting to switch out of equity markets into the safe-haven asset class,” she said. Analysts polled by Reuters deduced that major central banks are done tightening policy especially with the glob...
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.