LONDON: Gold prices eased on Wednesday as the dollar and stocks advanced, pointing to higher demand for riskier assets driven by upbeat US economic data and a slew of strong corporate earnings reports.

Spot gold was marginally firmer at $1,346.42 per ounce at 0942 GMT, while US gold futures for June delivery were steady at $1,349.30 per ounce.

Activtrades chief analyst Carlo Alberto De Casa said a stronger dollar was the main reason for gold losing its lustre, adding that the precious metal faced resistance at $1,350-70.

Meanwhile, spot silver climbed 0.2pc to $16.78 per ounce, after touching a one-week high of $16.83 earlier in the session. Platinum gained 0.5pc to $941.10 per ounce, after hitting a three-week high of $945.10. Palladium rose 0.5pc to $1,012.97 per ounce, having touched its highest level since March 1.

Published in Dawn, April 19th, 2018