Pakistan News

Gold slips

LONDON: Gold fell on Monday as investors looked to the safety of the dollar to stave off risks from the US-China trade spat, as concerns mounted over a slowdown in global growth.

Spot gold was down 0.6 per cent at $1,306.71 per ounce at 1222 GMT, after having risen for the previous two sessions.

US gold futures also declined 0.6 percent to $1,310.70 per ounce.

“But gold has managed to be above $1,300 level, which is a fairly solid and decent support level since there are some downward pressures right now.”

While gold is supported by the Fed’s policy, prices will likely remain range-bound until there is clarity on the trade front and US government shutdown, OANDA analyst Edward Moya said in a note.

Among other precious metals, palladium fell 0.9 percent to $1,390 an ounce.

Spot silver dropped 0.7 percent to $15.71, while platinum was down 1.3 percent at $788 per ounce, after touching its lowest in three weeks.

Published in Dawn, February 12th, 2019

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