global gold prices drop
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Global gold prices drop

Arab Today, arab today

Arab Today, arab today Global gold prices drop

Gold
London - Arab Today

Gold prices fell on Tuesday as renewed expectations of an increase in US interest rates next month pushed the dollar higher, although political and economic uncertainties in Europe and the US supported investor sentiment.
Spot gold was down 0.3 percent at $1,233.79 an ounce at 1541 GMT, but has gained more than 6 percent since the start of the year. US gold futures slipped 0.3 percent to $1,235.2.
The dollar strengthened after Federal Reserve members pointed to the potential for higher US rates next month, making commodities priced in the currency more expensive for non-US buyers.
“Gold is capped by the likelihood that US monetary policy will be tighter at some stage, potentially in March,” Societe Generale analyst Robin Bhar said. “There is a lot of political uncertainty, there are safe-haven flows going into gold.”
Bhar added that gold is also an investment hedge against corrections in what look to be overvalued equities. Investor demand for gold can be seen in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, holdings of which have risen by more than 5 percent to 27.044 million ounces since Jan. 31.
Major US indices — the Dow Jones Industrial Average and the S&P 500 — have hit consecutive record highs in recent days.
“Gold’s resilience is all the more impressive considering US equities are setting record after record, while the dollar is also fairly strong,” INTL FCStone analyst Edward Meir said. Support is down to a “myriad political and economic uncertainties” that lie ahead in 2017, Meir added.
Traders are focused on speeches by a number of Federal Reserve presidents, looking for clues on the timing of US rate rises. Also on the radar is US President Donald Trump’s address to Congress on Feb. 28, which analysts and traders hope will offer detail on infrastructure spending and tax cuts.
Technical support is around the 21-day moving average near $1,221 an ounce, while $1,250 presents a major barrier, analysts say. A break higher will meet Fibonacci resistance at $1,255.
Elsewhere, silver fell 0.2 percent to $17.98 an ounce, platinum lost 0.7 percent to $992.85 and palladium gained 0.1 percent to $772.83.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

global gold prices drop global gold prices drop

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

global gold prices drop global gold prices drop

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday