LONDON: Gold prices on Thursday held near two-week lows touched in the previous session, as the dollar recouped losses after cautious comments from US Trade Representative Robert Lighthizer dented investors’ hopes for a closure to the tariff war with China.
As of 0727 GMT, spot gold was 0.2 per cent higher at $1,322.16 per ounce, while US gold futures were up 0.1 per cent at $1,322.
The safe-haven metal hit the lowest since February 15 at $1,316.43 in the previous session, but marked its fifth straight monthly gain.
“The precious metal’s recent consolidation is supported by the indecision the financial markets have in pricing in what will be the Fed’s next move,” OANDA senior market analyst Edward Moya said in a note.
“Gold may struggle climbing higher until we see further deterioration in US data, that would seal the market expectation for the next move to be a rate cut.”
Spot palladium was flat at $1,529 on Thursday, after retreating from its all-time peak of 1,565.09 per ounce scaled earlier in the week.
The autocatalyst surged about 21 per cent so far this year on widening supply tightness in the market.
Spot silver rose 0.3 per cent to $15.78 per ounce. — Reuters
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