Business Recorder
Gold steady in Asia

Gold steady in Asia

SINGAPORE: Gold prices held firm on Thursday after falling as much as 1 percent the previous day, with tensions surrounding North Korea and the upcoming French presidential election driving safe-haven demand.

Spot gold

was mostly unchanged at $1,278.74 per ounce at 0756 GMT. The metal fell 0.8 percent on Wednesday in its worst one-day drop in over a month.

“Sentiment overall is that everybody is looking for $1,300 at least by the end of the week. Sentiment around geopolitical issues is really playing on people’s minds,” said Spencer Campbell, general manager with Kaloti Precious Metals in Singapore.

“We are seeing a lot more physical purchasing, with shops seeing a 100-percent increase in buying from the retail sector,” said Campbell.

“This clearly shows the pull back is an opportunity (to buy gold before it climbs above $1,300).”

Analysts and traders said gold would be supported by simmering geopolitical tensions around North Korea and nervousness ahead of the first round of France’s presidential election.—Reuters

Gold slips in US trade

NEW YORK: Gold fell 1 percent on Wednesday as the dollar and stocks gained, though tensions over North Korea and upcoming French and UK elections underpinned demand in the safe-haven asset.

Spot gold fell as low as $1,275.73 per ounce, and was last trading down 0.8 percent at $1,279.54 by 3:24 p.m. EDT (1924 GMT). US gold futures settled down 0.8 percent at $1,283.40.

“The 10-year Treasury yield at 2.2 percent is in positive territory keeping some pressure on the price of gold,” said Walter Pehowich, executive vice president in charge of precious metals investments services for Dillon Gage Metals.

“It appears that large fund selling in the Far East overnight is also putting pressure on the price of gold, and this move has kept the Wall Street gold traders guarding their long positions.”

The firm US dollar also pressured gold prices, analysts said. A stronger greenback makes dollar-denominated assets such as gold more expensive for holders of other currencies.—Reuters

US MIDDAYGold steady as softer dollar supports ahead of French vote

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