World Economy

Gold Prices Flat

Gold Prices FlatGold Prices Flat

Gold prices were little changed on Monday after marking their best quarter in a year, supported by uninspiring economic data from the United States on Friday, Reuters reported. Spot gold edged lower by 0.1% to $1,246.87 per ounce, while US gold futures slipped 0.2% to $1,248.8. Spot gold may revisit its March 31 low of $1,239.55 per ounce, as suggested by its wave pattern and a Fibonacci retracement analysis, said Reuters technical analyst Wang Tao. Spot gold notched a quarterly gain of about 8.4% on Friday, marking its best quarter in a year, mostly driven by uncertainties around US President Donald Trump’s policies and elections in Europe. Hedge funds and money managers raised their net long position in COMEX gold for the second straight week in the week to March 28, and boosted it slightly in silver, US Commodity Futures Trading Commission data showed on Friday. In other precious metals, spot silver edged down 0.1% to $18.20 per ounce. Platinum rose 0.7% to $952.30, while palladium was up 0.5% to $799.25 an ounce.


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