You are here: Home » Reuters » News
Business Standard

Gold inches up on weaker dollar, equities

Reuters 

(Reuters) - prices edged up early on Thursday after hitting a near four-month high in the previous session, on a weaker dollar and as a rally in equities ran out of steam.

FUNDAMENTALS

* Spot was up 0.1 percent at $1,318.49 an ounce by 0048 GMT. Prices hit a near four-month high at $1,326.56 an ounce on Wednesday.

* U. S. futures were little changed at $1,319 an ounce.

* prices on Wednesday reversed their losses and rose over 1 percent as the dollar swooned after a report that Chinese officials had recommended slowing or halting purchases of securities.

* Officials reviewing China's foreign-exchange holdings have recommended slowing or halting purchases of U. S.

Treasuries, reported on Wednesday, citing people familiar with the

* The fell to a more than six-week low against the and weakened against a basket of major currencies <. DXY> on Wednesday after the report. It was mostly unchanged at 92.320 on Thursday.

* The yen has been buoyed this week after a cut in the of Japan's bond buying on Tuesday fuelled speculation that the central could eventually seek to exit from its stimulus later this year, following the footsteps of other major central banks.

* The New Year rally in Asian shares paused on Thursday as concerns about the U. S. administration's protectionist stance hit Wall Street while U. S. bonds were dented by speculation may curtail buying.

* Holdings of SPDR Trust , the world's largest gold-backed exchange-traded fund, fell 0.35 percent to 828.96 tonnes on Wednesday from Tuesday.

* on Wednesday said that its forecast for 2018 year-end stands at $1,325 per ounce.

* The class action brought by thousands of mineworkers who contracted lung diseases while working for South African miners has been postponed because the parties are close to a settlement, lawyers for the companies said on Wednesday.

(Reporting by in Bengaluru; Editing by Biju Dwarakanath)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 06:47 IST
RECOMMENDED FOR YOU