World Economy

Gold Steady

Gold SteadyGold Steady

Gold held steady on Tuesday as the dollar weakened on expectations that the US Federal Reserve will not raise rates in September, but the yellow metal’s gains were limited by stronger equity markets, Reuters reported. Spot gold was slightly up at $1,327.80 per ounce. The metal rose 0.1% on Monday. US gold futures were up 0.4% at $1,331.40. The fact that gold did not move much despite disappointing US nonfarm payroll numbers reflects the extensive level of speculative position in the gold markets either through futures or exchange traded funds, said Dominic Schnider of UBS Wealth Management in Hong Kong.