gold holds near 1month peak
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Gold holds near 1-month peak

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Arab Today, arab today Gold holds near 1-month peak

London - Arab Today

Gold held near its highest in a month on Monday in holiday-thinned trade, with a softer dollar and a retreat in stock markets helping the metal cling on to the previous session’s gains.
Gold hit its highest since May 1 on Friday at $1,269.50 an ounce, as nervousness over US President Donald Trump’s negotiations with other world leaders at the G-7 summit prompted investors to buy bullion as an alternative to nominally higher-risk assets such as shares. Spot gold was at $1,266.30 an ounce at 1340 GMT, little changed from $1,266.66 late on Friday.
US gold futures for June delivery were down 0.2 percent at $1,265.20. A 0.1 percent retreat in the dollar index underpinned prices but moves were muted, with traders in the US, London and China all out for national holidays.
“Potential for prices is limited right now but with the news from the G-7 meeting and the weaker dollar, the gold price has gone up,” said LBBW analyst Thorsten Proettel. Pointing to bruising meetings of G-7 nations and NATO last week, German Chancellor Angela Merkel said on Sunday Europe can no longer completely rely on its allies. Under pressure from the G-7, Trump on Saturday backed a pledge to fight protectionism but refused to endorse a global accord on climate change, saying he needed more time to decide.
The market is also awaiting next month’s Federal Open Market Committee (FOMC) meeting for any clues on the US Federal Reserve’s stance on interest rate increases. Gold is highly sensitive to rising US rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. “Market participants will presumably be casting an eye over the labor market report in the US this week,” Commerzbank said in a note.
“If the data turn out to be positive, there is probably nothing to prevent the (Fed) implementing its next rate hike in mid-June.”
Hedge funds and other money managers increased their net long position in COMEX gold for the first time in four weeks in the week to May 23, US Commodity Futures Trading Commission (CFTC) data showed.

Source: Arab News

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