Gold inches up

Published March 13, 2019

LONDON: Gold edged higher on Tuesday, supported by a retreat in the dollar after an apparent breakthrough in Brexit negotiations between the European Union and Britain, although rallying equities capped bullion’s gains.

Spot gold rose 0.2 per cent to $1,295.89 per ounce as of 1055 GMT, while US gold futures were up 0.4pc at $1,296.20.

Some dollar weakness emerged due to the Brexit talks, in turn providing short-term support to gold prices, Capital Economics analyst Ross Strachan said.

The dollar fell from near three-month highs hit in the previous session, making bullion cheaper for holders of other currencies, while sterling soared.

Capping gold’s rise, last-minute tweaks to Britain’s arrangement for leaving the EU triggered gains in global stocks, having soothed investor worries about a possible no-deal exit.

Among other precious metals, palladium was up 0.6pc at $1,545.45 per ounce, while platinum gained 0.6pc to $829.72 per ounce. Silver advanced 0.5pc to $15.40 per ounce, having touched its highest since March 1 earlier in the session.

Published in Dawn, March 13th, 2019

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.