Gold steadies below $1,300 level as global stocks retreat
Middle East tensions are supportive for bullion as global trade tensions reduce risk appetite; platinum is down 0.5%
Bengaluru — Gold steadied on Wednesday, holding just below the key $1,300 level, as global stocks retreated, pointing to reduced appetite for riskier assets as investors awaited clarity on the US-China trade front. Spot gold was up 0.1% at $1,298.26 an ounce as of 11.18am GMT, having hit its highest level since April 11 at $1,303.26 on Tuesday. US gold futures edged 0.2% higher to $1,299.00 an ounce. “There have been flows out of equities into safe havens,” said Quantitative Commodity Research analyst Peter Fertig, adding that stocks turned back into the red, despite strong economic data from Germany. The eurozone’s biggest economy, Germany rebounded in the first quarter, growing 0.4% after zero growth in the previous three months. A global equity bounce stemming from softer rhetoric by US President Donald Trump on the trade dispute with China waned on Wednesday as grim Chinese data and fresh Italian debt woes cast a shadow over global markets. The softer rhetoric from Washington an...
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.