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Gold Steady

Gold SteadyGold Steady

Gold was steady on Monday and likely to see further gains after the dollar slumped to multi-month lows on the back of data that pointed to weak US inflation and less prospect of rate hikes, Reuters reported. Spot gold was up 0.2% to $1,230.51 per ounce while US gold futures for August delivery rose 0.2% to $1,229.70 per ounce. “If gold remains at $1,230 or goes higher, there’s an elevated risk that some of those short positions might start to be reversed and that would give some further upside to gold,” said analyst Jonathan Butler at Mitsubishi in London.

 

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