Gold eases on weaker dollar and hopes of a US Fed rate cut
Gold may break $1,286 resistance and edge up to $1,290, while platinum is heading for its fifth straight weekly loss
Bengaluru — Gold eased on Friday as stock markets regained momentum, with a weaker dollar and renewed hopes of a rate cut by the US Federal Reserve keeping bullion on track for a weekly gain. Spot gold was down 0.1% at $1,281.62 an ounce by 11.01am GMT, after rising as much as 1.1% to a one-week peak of $1,287.23 in the previous session. The metal has risen about 0.4% so far this week. US gold futures for June were down 0.3% at $1,281. “Stocks are pointing higher, we have renewed risk appetite coming into oil markets,” said Saxo Bank commodity strategist Ole Hansen. “Gold is doing more or less what it is supposed to be, finding a bid when the other markets fell, but the bid hasn’t really been strong enough this week to push it to levels which could have attracted renewed buying interest. It’s not out of the woods yet.” World stocks edged higher and oil prices recovered from bruising falls, after US President Donald Trump nurtured hopes of progress in US-China talks. Helping bullion’...
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