Bengaluru — Gold steadied on Monday, trading near a more-than one week high touched in the previous session, on increased bets that the US Federal Reserve might cut interest rate in 2019 after a recent data showed inflationary weakness. Lower interest rates in the US put pressure on the dollar and bond yields, making greenback-denominated gold less expensive for holders of other currencies. It also increases the appeal of nonyielding assets such as bullion. Spot gold was steady at $1,285.65/oz at 4.26am GMT, having hit its highest since April 16 at $1,288.59 in the previous session. Meanwhile, US gold futures shed 0.1% to $1,287.70/oz. “The GDP figures that came out in the US, cast some doubt on the state of its economy and the strength of the US consumer,” said IG Markets analyst Kyle Rodda, said adding that has prompted some traders to expect rate cut from the Fed. The metal posted its biggest daily percentage gain in seven weeks on Friday after the dollar fell against a basket of...
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