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Gold hits two-week high

Updated Mar 21, 2017 08:52am

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LONDON: Gold prices scaled a two-week peak on Monday as the dollar slid to a six-week low after a G20 weekend summit dominated by the US administration’s protectionist stance on global trade.

Spot gold rose 0.3 per cent to $1,231.45 an ounce by 1450 GMT, after touching $1,235.50, its highest since March 6. US gold futures gained 0.1pc to $1,231.80.

Spot gold is expected to test resistance at $1,237, a break above which could lead to gains to $1,243, Reuters technical analyst Wang Tao said.

Denting the bullish gold narrative, holdings of SPDR Gold, the world’s largest gold-backed exchange-traded fund, fell 0.35pc to 834.10 tonnes on Friday.

Spot silver rose 0.4pc to $17.41 an ounce, while platinum was up 0.8pc at $965.50 and palladium firmed by 0.5pc to $776.50.

Published in Dawn, March 21st, 2017

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