Gold Silver Reports (GSR) — Spot Gold – “However, there is not much of a safe-haven appeal (for gold) as the market is not packing in a lot of punch to trade war.”
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Spot gold was up 0.2 percent at $1,203.86, as of 0347 GMT, after rising 0.5 percent in the previous session. US gold futures were up 0.2 percent at $1,210.20 an ounce.
“The risk (sentiment) is sort of flattening, but that’s also taking wind out of the safe-haven appeal of the US dollar (helping gold) … For gold to break $1,210, we need to see the dollar weakening against the emerging market currencies as well as the euro,” said Stephen Innes, APAC trading head, OANDA.
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Earlier this week, Washington imposed 10 percent tariffs on Chinese goods worth $200 billion, while China retaliated with levies on about $60 billion worth of US goods at scaled-back rates.
Investors have been buying the dollar believing that United States has less to lose from the dispute. However, a spot of weakness in the dollar indicated that worries over trade tensions have eased as the tariffs were seen to be at lower levels than some had feared.
Gold dropped about 11.6 percent from a peak in April, affected by the intensifying US-China trade dispute and on rising US interest rates.
The dollar index was hovering near a seven-week low against a basket of major currencies.
Investors are awaiting next week’s Federal Reserve meeting. The US central bank is widely expected to raise benchmark interest rates and shed light on the path for future rate hikes.
Gold has been stuck in a range between $1,215 and $1,187 for the past three weeks, with investors looking for a technical breakout on either side for further moves.
“Recent Fed commentary has implied a steady pace of tightening so anything that calls that into question will be positive for gold,” said Nicholas Frappell, global general manager, ABC Bullion, Australia.
Among other precious metals, spot silver rose 0.8 percent to $14.32 an ounce. Palladium climbed 0.2 percent to $1,036.50, hovering near a five-month high of $1,041.70 hit on Wednesday.
“The market gives the outward appearance of remaining range-bound and hasn’t yet done enough on the upside to alter this appearance. However, over short term, prices would strengthen to$1,211 and a break above could see $1,221,” Frappell said.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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