Gold prices holds near two-week low as the dollar firms
Gold is now more than 5% below its late February peak; silver and palladium are all down slightly, and platinum slips 1.1%
Bengaluru — Gold prices held near the more than two-week low hit in the previous session on Wednesday as the dollar strengthened, while signs of an escalation in China-US trade tensions weakened risk appetite and limited further declines. Spot gold was down 0.1% at $1,273.03 an ounce by 10.56am GMT, having fallen to its lowest level since May 3 on Tuesday at $1,268.97. US gold futures were steady at $1,273.60 an ounce. “We are seeing a strong dollar, which has been weighing on gold prices; that’s really been the key element in recent days,” said Capital Economics analyst Ross Strachan. The dollar index firmed, hovering near a one-month high, boosted by higher US treasury yields after Washington temporarily eased trade restrictions imposed last week on Chinese telecoms tech firm Huawei. However, equity markets pulled back on Wednesday as relief over the Huawei move evaporated on reports that the White House is considering further sanctions on Chinese video surveillance firm Hikvision...
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