gold hits 1week high on dollar political uncertainty
Last Updated : GMT 07:25:12
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Last Updated : GMT 07:25:12
Arab Today, arab today

Gold hits 1-week high on dollar, political uncertainty

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Arab Today, arab today Gold hits 1-week high on dollar, political uncertainty

London - Arab Today

Gold prices climbed to one-week highs on Friday, boosted by a lower dollar and economic and political uncertainty around the world, but the prospect of further interest rate rises in the US limited gains.
Spot gold was up 0.6 percent at $1,257.1 an ounce at 1.20 p.m. GMT after earlier touching a session high at $1,258.81. US gold futures rose 0.7 percent to $1,257.9. However, gold is little changed from last week. “The broad story is the tug of war between the Fed, which seems determined to push on with monetary tightening and reducing its balance sheet, and political uncertainty,” said Jens Pederson, an analyst at Danske Bank.
Allegations of ties to Russia casting a shadow over US President Donald Trump’s first five months in office, North Korea testing a rocket engine and Brexit negotiations are all fueling concerns about global stability.
“Political noise out of Washington regarding Trump’s ties with Russia is unlikely to provide lasting support to gold while an escalation of the geopolitical tensions with North Korea is a bullish wild card,” Julius Baer analysts said in a note. “Facing higher interest rates and a stronger dollar, we still see gold prices weakening toward $1,200 per ounce over the coming months.”
Gold is often used by investors as a hedge against political and financial uncertainty. But it does not earn interest, dividends or coupons and it costs money to insure and store. A rising US currency makes dollar-denominated metals more expensive for holders of other currencies, which potentially could subdue demand. The Fed’s rate rise on June 14 saw investors sell gold. Holdings of the largest gold-backed exchange-traded-fund (ETF), New York’s SPDR Gold Trust, have fallen to 27.46 million ounces from 27.88 million ounces on June 13. On the technical side, the first upside barrier comes in around $1,260 near the 55-day moving average. That is followed by the 21-day moving average at around $1,264, while the 100-day moving average at $1,249 provides strong support.

Source: Arab News

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