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Gold price falls

January 10, 2019

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BENGALURU: Gold slipped for a second session on Wednesday as investors regained appetite for risk on hopes of a breakthrough in US-Chinese trade talks, while palladium hit a record high.

Spot gold was down 0.3 per cent at $1,280.91 per ounce as of 1214 GMT. US gold futures also shed 0.3pc to $1,282 per ounce.

“Since gold almost hit the $1,300 mark we have seen a recovery in the equity markets,” said Julius Baer analyst Carsten Menke. “This means that safe haven demand is not as strong as it was around the turn of the year, and that is what is holding gold a little bit back now.”

The metal hit a more than six-month peak of $1,298.42 an ounce last week, but improving risk taking appetite among investors since then has weighed on the metal, often seen as a safe haven for investors in times of uncertainty.

Palladium rose 1.6pc to $1,336.50 an ounce, hovering near a record high of $1,340.50 hit earlier in the session.

Silver fell 0.2pc to $15.62 per ounce, while platinum gained almost 1pc to $822.50.

Published in Dawn, January 10th, 2019

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