Moneycontrol
Last Updated : Nov 14, 2018 08:09 AM IST | Source: Reuters

Gold edges up as dollar drifts away from multi-month high

Spot gold was up about 0.1 percent at $1,202.55 per ounce at 0101 GMT.

Gold prices inched up on Wednesday as the US dollar retreated from a 16-month high touched earlier in week, easing amid a surge in the euro and sterling on a draft Brexit agreement.

FUNDAMENTALS

Spot gold was up about 0.1 percent at $1,202.55 per ounce at 0101 GMT.

US gold futures were up 0.1 percent at $1,203 per ounce.

The dollar index, which measures the greenback against a basket of six major currencies, was down about 0.3 percent.

US President Donald Trump's top economic adviser said on Tuesday that the United States welcomed the resumption of talks with China on trade, while Vice President Mike Pence warned Beijing to change its behaviour so as to avoid a new cold war with the United States.

US inflation expectations were unchanged in October from a month ago, even while Americans expected to spend and earn more, according to a Federal Reserve Bank of New York survey published on Tuesday.

Britain struck a draft divorce deal with the European Union after more than a year of talks, thrusting Prime Minister Theresa May into a perilous battle over Brexit that could shape her country's prosperity for generations to come.

The British cabinet will meet at 1400 GMT on Wednesday to consider the draft withdrawal agreement, a Downing Street spokesman said after Irish and British media were leaked details of the agreement on the text.

The Italian government will maintain its deficit and economic growth forecasts for 2019 despite European Commission demands for the budget plan to be revised, Deputy Prime Minister Matteo Salvini said late on Tuesday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.11 percent to 761.16 tonnes on Tuesday from 762.00 tonnes on Monday.

Gold broker and storage company GoldCore said on Tuesday it had opened a gold vault in Dublin, aiming to attract investors looking for an alternative to London after Brexit.

 
First Published on Nov 14, 2018 08:04 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant