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Gold steady

Gold prices were rangebound yesterday, as lack of concrete details about the interim US – China trade deal kept investors from making firm bets, while palladium was just $2 away from surpassing key $2 000 per ounce level for the first time.

Spot gold rose 0,1 percent to $1 477,15 per ounce by 0610 GMT. US gold futures gained 0,1 percent to $1 481,50.
Palladium was up 0,9 percent at $1 995,83 an ounce, after scaling an all-time peak of $1 998,43.

“The trade situation is improving . . . but the weaker dollar is counter balancing that. So, we’re seeing tight ranges for gold prices with these two factors running in opposite directions,” said Michael McCarthy, chief market strategist at CMC Markets.
The dollar index was little changed after posting losses in the previous two sessions, making gold cheaper forholders of other currencies. — Reuters.

Source :

The Herald

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