GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Gold Holds Steady Amid Firm Dollar, Stronger Equities

The dollar steadied against the yen on Wednesday, as U.S. yields pulled back from lows hit on concerns about a worsening trade feud between Washington and Beijing, although persistent worries about the trade rift are likely to cap any greenback recovery.

Reuters

Updated:June 20, 2018, 12:53 PM IST
facebookTwittergoogleskypewhatsapp
Gold Holds Steady Amid Firm Dollar, Stronger Equities
FILE PHOTO: A worker places gold coins on display at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. REUTERS/Neil Hall/File Photo
Loading...
Gold prices were little changed on Wednesday, after slipping to a near six-month low in the previous session, amid a steady dollar and firmer equities.

Spot gold held steady at $1,273.92 an ounce, as of 0331 GMT. The metal fell to its lowest since Dec. 22 at $1,270 on Tuesday.

U.S. gold futures for August delivery were, however, 0.2 percent lower at $1,276 per ounce.

Gold prices generally gain momentum during times of uncertainty as it is considered a safe place to park assets.

Gold is not doing its part as a safe-haven asset. It is more so the dollar-yen and even the U.S. treasuries rather than gold, said OCBC analyst Barnabas Gan.

The dollar steadied against the yen on Wednesday, as U.S. yields pulled back from lows hit on concerns about a worsening trade feud between Washington and Beijing, although persistent worries about the trade rift are likely to cap any greenback recovery.

China's stock markets slumped on Wednesday, extending a rout from the previous day as the prospect of a full-blown Sino-U.S. trade war put a dampener on the rest of Asian equities, even as they managed a modest bounce.

Spot gold may test a support at $1,268 per ounce, with a good chance of breaking below this level and falling more towards the next support at $1,258, said Reuters technicals analyst Wang Tao. [TECH/C]

Meanwhile, the European Central Bank President Mario Draghi said the bank will be patient in tightening policy further, adding that market pricings for its first post-crisis rate hike were consistent with its aim to move gradually.

A lone Bank of Japan policymaker said additional easing was needed to accelerate inflation, but most members wanted to keep monetary policy unchanged, minutes from the central bank's policy meeting in April showed on Wednesday.

In other precious metals, silver rose 0.2 percent to $16.31 an ounce. In the previous session, it hit $16.21, its lowest since May 16.

"Investors are increasingly concerned that metals, which are used in autocatalysts, are at risk of being dragged into the trade conflict between the United States and China," ANZ said in a note.

Platinum slipped 1.2 percent to $857.10 an ounce. Earlier in the session, it touched $855.25, its lowest since Feb 3, 2016.

Palladium was nearly unchanged at $967 an ounce, after marking its lowest since May 21 at $964.20 on Tuesday.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 226.50 -92.70 -29.04
Dewan Housing 350.55 -260.00 -42.58
Reliance 1,217.50 +6.75 +0.56
Axis Bank 599.20 -9.60 -1.58
Tata Steel 625.15 +3.95 +0.64
Company Price Change %Gain
Dewan Housing 351.55 -259.05 -42.43
Yes Bank 227.05 -91.45 -28.71
Maruti Suzuki 8,039.55 -167.45 -2.04
Indiabulls Hsg 1,061.90 -94.60 -8.18
Oracle Fin Serv 4,075.00 -28.15 -0.69
Top Gainers
Company Price Change %Gain
Bharti Infratel 281.20 +10.30 +3.80
BPCL 376.50 +11.45 +3.14
IOC 158.15 +4.60 +3.00
HPCL 258.00 +6.65 +2.65
Hindalco 240.40 +4.75 +2.02
Company Price Change %Gain
ONGC 180.10 +3.45 +1.95
Wipro 337.35 +4.60 +1.38
ITC 303.75 +4.10 +1.37
TCS 2,103.80 +26.90 +1.30
Asian Paints 1,303.10 +13.75 +1.07
Top Losers
Company Price Change %Gain
Yes Bank 226.50 -92.70 -29.04
Indiabulls Hsg 1,062.15 -97.10 -8.38
Bajaj Finance 2,379.40 -120.15 -4.81
Tech Mahindra 738.05 -31.90 -4.14
UPL 665.80 -26.50 -3.83
Company Price Change %Gain
Yes Bank 227.05 -91.45 -28.71
Kotak Mahindra 1,179.65 -47.35 -3.86
Adani Ports 362.00 -10.95 -2.94
IndusInd Bank 1,761.70 -42.90 -2.38
Maruti Suzuki 8,039.55 -167.45 -2.04

Live TV

Loading...
Loading...