Gold firm as platinum heads for biggest drop in 10 weeks
Spot gold may fall towards $1,264 with silver hitting a five-month low; palladium is down 19% from a record peak in March
Bengaluru — Gold held steady on Friday after posting its biggest one-day percentage fall in a month in the previous session, with gains curbed by a firmer dollar and a pullback in global equities on US-China trade tensions offering support. Spot gold was flat at $1,285.01 an ounce at 10.17am GMT. US gold futures were little changed at $1,285.10 an ounce. Spot gold fell 0.8% on Thursday, its biggest one-day percentage decline since April, as investors became a little more receptive to taking on risk following strong economic data from the US. “On one end, gold has support from prevailing uncertainties in the financial markets relating to the trade talks and concerns over growth outlook. At the same time, the dollar is expected to stay strong for at least the next two weeks,” said Julius Bär analyst Carsten Menke. “Gold is expected to be rangebound.” The dollar index rose, holding near a two-week high against a basket of currencies, making gold more expensive for holders of other curr...
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