Gold inches up from eight-week low as dollar weakens GLOBAL-PRECIOUS

mmgoldGold edged up on Thursday to hold just above an eight-week low hit earlier this week, with the U.S. dollar declining against the yen.

Spot gold was up 0.2 percent at $1,220.56 per ounce by 0316 GMT. It hit an eight-week low of $1,213.81 on Tuesday. U.S. gold futures also gained 0.2 percent, to $1,220.70 an ounce.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

                    Trading Ideas:

* Gold trading range for the day is 27809-28255.

* Gold dropped sliding to the lowest level in around eight weeks amid fading demand for safe-haven assets.

* Sentiments dropped in bullion as uncertainty over the French election came to end on Sunday, following Emmanuel Macron’s victory

Save

Leave a Reply

Your email address will not be published. Required fields are marked *