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Gold edges up, holds near 2-month peak in thin-volume trade

Spot gold rose 0.3% to $1,514.56 per ounce by 0112 GMT. Prices hit their highest since Nov. 1 at $1,515.09 on Friday. U.S. gold futures were unchanged at $1,517.50.

December 30, 2019 / 08:11 AM IST

Gold prices inched up on Monday, holding below a near two-month peak hit in the previous session, as investors hedged against risks in thin year-end trading after U.S. military strikes in the Middle East.

FUNDAMENTALS

Spot gold rose 0.3% to $1,514.56 per ounce by 0112 GMT. Prices hit their highest since Nov. 1 at $1,515.09 on Friday. U.S. gold futures were unchanged at $1,517.50.

Gold prices have risen about 18% this year, mainly due to the 17-month-long Sino-U.S. tariff war and its impact on global economic growth.

U.S. officials said on Sunday that air strikes in Iraq and Syria against an Iran-backed militia group were successful, but warned that "additional actions" might still be taken in the region to defend U.S. interests.

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President Donald Trump was briefed by his top national security advisers on the air strikes against what U.S. officials said was an Iran-sponsored group in Iraq and Syria, Secretary of State Mike Pompeo said.

Investors also kept a close eye on developments regarding a trade agreement between Washington and Beijing after Trump last week said there would be a signing ceremony for the first phase of the deal.

Indicative of investor sentiment, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.1% to 893.25 tonnes on Friday from 892.37 tonnes on Thursday.

Gold prices flipped to a premium last week in India due to limited supplies even as demand remained subdued, while other Asian regions barely saw any holiday purchasing.

Among other precious metals, silver rose 0.9% to$17.91 per ounce, while platinum climbed 0.8% to $952. Palladium edged 0.2% higher to $1,909.19 per ounce.
Reuters
first published: Dec 30, 2019 08:05 am

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