Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Bengaluru — Gold prices were steady on Tuesday as traders refused to commit in either direction in the absence of market-moving catalysts.
Spot gold held its ground at $1,824.51 an ounce, up to 2.46am GMT. US gold futures were flat at $1,824.50.
A move by Britain, the US, Japan and Canada to ban new imports of Russian gold is being seen as largely symbolic in the global bullion market, as Russian exports to the West have already dried up. On Monday, gold was bumped higher in Asian trading by the news, before quickly losing momentum to end the session lower.
“The ‘Russian gold ban’ was the catalyst that never was. Russian assets have been a no-go since Russia’s invasion, so the G7’s confirmation of a gold ban was a non-event. And that leaves gold where it began the week — in the middle of a choppy range,” City Index senior market analyst Matt Simpson said.
Benchmark US 10-year treasury yields eased after gains in the previous session, buoying demand for gold. The dollar was steady. Gold has been tracking the currency closely, and its strength has put a lid on prices of greenback-priced bullion in recent weeks.
“Gold remains a traders’ market, which is vulnerable to false breaks and quick turnarounds on little news. This means range-trading strategies are preferred until we see a catalyst, which instils some life back into markets,” Simpson said.
Asian shares edged down in early trade with investors taking their cues from a volatile Wall Street session overnight, while oil prices climbed after last week’s rout.
SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.44% to 1,056.40 tonnes on Monday from 1,061.04 tonnes on Friday. Spot silver fell 0.4% to $21.06 an ounce, and platinum eased 0.3% to $905.04, while palladium rose 0.7% to $1,883.69.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Gold holds steady as traders look for catalysts
Bengaluru — Gold prices were steady on Tuesday as traders refused to commit in either direction in the absence of market-moving catalysts.
Spot gold held its ground at $1,824.51 an ounce, up to 2.46am GMT. US gold futures were flat at $1,824.50.
A move by Britain, the US, Japan and Canada to ban new imports of Russian gold is being seen as largely symbolic in the global bullion market, as Russian exports to the West have already dried up. On Monday, gold was bumped higher in Asian trading by the news, before quickly losing momentum to end the session lower.
“The ‘Russian gold ban’ was the catalyst that never was. Russian assets have been a no-go since Russia’s invasion, so the G7’s confirmation of a gold ban was a non-event. And that leaves gold where it began the week — in the middle of a choppy range,” City Index senior market analyst Matt Simpson said.
Benchmark US 10-year treasury yields eased after gains in the previous session, buoying demand for gold. The dollar was steady. Gold has been tracking the currency closely, and its strength has put a lid on prices of greenback-priced bullion in recent weeks.
“Gold remains a traders’ market, which is vulnerable to false breaks and quick turnarounds on little news. This means range-trading strategies are preferred until we see a catalyst, which instils some life back into markets,” Simpson said.
Asian shares edged down in early trade with investors taking their cues from a volatile Wall Street session overnight, while oil prices climbed after last week’s rout.
SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.44% to 1,056.40 tonnes on Monday from 1,061.04 tonnes on Friday. Spot silver fell 0.4% to $21.06 an ounce, and platinum eased 0.3% to $905.04, while palladium rose 0.7% to $1,883.69.
Reuters
JSE faces mixed Asian markets on Tuesday as investors await fresh catalyst
Market data — June 27 2022
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.
Most Read
Related Articles
Planned G7 bullion ban on Russia boosts gold
Gold on track for weekly fall as rate hike fears persist
Gold slips amid pressure from hawkish Fed
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.