65532
Gold Steady Near 4-Week Highs
Gold Steady Near 4-Week Highs

Gold Steady Near 4-Week Highs

Gold Steady Near 4-Week Highs

Gold held near its highest in four weeks on Monday after rising almost 1% in the previous session, buoyed as geopolitical tensions boosted its safe-haven appeal.
Spot gold was almost flat at $1,267.01 per ounce at 0801 GMT. On Friday, it climbed 0.9% to touch its strongest since May 1 at $1,269.50. US gold futures slipped 0.1% to $1,266.9, Reuters reported.
Political tensions surrounding US President Donald Trump are providing some safe-haven support for gold, OCBC analyst Barnabas Gan said.  
The market is also watching out for the Federal Open Market Committee meeting next month for any cues on US Federal Reserve’s stance on interest rate hikes and balance sheet reduction intentions, Gan added.
“Asian trade on Monday was a relatively muted affair, with early session interest following a reported North Korean missile test soon fizzing out,” Sam Laughlin, senior precious metals trader at MKS said in a note.
Gold held a narrow range on Monday as Chinese markets were closed for a two-day break, he added. Chinese markets are closed on Monday and Tuesday for the Dragon Boat festival.
Spot gold may climb to $1,276 per ounce, as it has broken above a resistance at $1,264, said Reuters technical analyst Wang Tao.     
Meanwhile, silver touched its highest since April 28 at $17.39 earlier in the day. It was last flat at $17.36 per ounce. Silver’s more than 3% gain over last week was its biggest weekly gain since the week ended Jan. 6.
Platinum rose 0.3%, to $958.30 per ounce. Palladium, was up 0.4% at $793 per ounce after hitting a near two-week peak of $796.70 early in the session.  

 

Short URL : https://goo.gl/veuBbw
  1. https://goo.gl/NH1Im9
  • https://goo.gl/hmTMky
  • https://goo.gl/74U9O0
  • https://goo.gl/QyK7BY
  • https://goo.gl/WgrA3E

You can also read ...

Philippines May Suspend Excise Taxes on Petroleum Products
The Philippine government will suspend the collection of...
Jordan Approves New IMF-Guided Tax Law
Jordan’s cabinet on Monday approved major IMF-guided proposals...
At present, the majority of investments are still being done in oil-gas and traditional industries while there is still almost no SME sector in the country.
While Saudi Arabia’s latest budget figures show progress in...
Dubai Bank to Buy Turkey’s Denizbank for $3.2 Billion
Dubai’s biggest lender the National Bank of Dubai has agreed...
US, China are nearing a deal to remove American sales ban against ZTE.
US President Donald Trump retreated from imposing tariffs on...
IHS Markit to  Buy Rival Ipreo  for $1.8 Billion
Data firm IHS Markit Ltd. said it will buy smaller rival Ipreo...
SBI Reports Record $1.1b Loss
State Bank of India reported a loss of Rs. 7,718 crore ($1.1...
EU, Mercosur Discuss Trade Deal
The European Union and South America’s Mercosur bloc could...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus