BENGALURU: Gold was trading close to a more than one-week low on Thursday, pressured by a stronger dollar, though concern over the Sino-US trade conflict and the global economy kept prices above a $1,300 support level.
Spot gold was steady at $1,306.21 an ounce at 1153 GMT after touching its lowest since Jan. 29 at $1,302.11. Prices fell 0.7 per cent in the previous session in their biggest one-day drop since Jan. 18.
US gold futures were down 0.3pc at $1,310.70.
“Despite concerns of slowing global economic growth, it seems the dollar is providing some headwinds for gold at this stage,” said Ross Norman, chief executive at Sharps Pixley.
Among other precious metals, palladium gained 0.3pc to $1,376.32 an ounce, silver rose 0.2pc to $15.69 and platinum was down about 0.4pc at $799.54 after touching its lowest since January 25.
Published in Dawn, February 8th, 2019
