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Gold rises

April 19, 2019

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LONDON: Gold inched up on Thursday, recovering from near 4-month lows it hit early in the session after data showing eurozone businesses were under pressure reignited concerns about global growth, but a stronger dollar capped its gains.

Spot gold was up 0.1 per cent at $1,274.44 per ounce by 1237 GMT, having fallen to its lowest since Dec 27 at $1,270.63 earlier in the session.

The metal has so far lost about 1.4pc in the holiday-shortened week, and is on track for a fourth straight weekly decline. Most markets are closed for Good Friday on April 19.

Eurozone businesses started this quarter on the back foot, with growth unexpectedly slowing again, surveys showed.

“The figures for the eurozone were mixed. The market clearly does not know what to do next. But the European Central Bank is going to be on hold, which is offering some support for gold,” Quantitative Commodity Research analyst Peter Fertig said.

Gold, as a non-yielding asset, tends to suffer when central banks raise interest rates.

Elsewhere, silver was down 0.3pc at $14.92 an ounce and platinum rose 1pc to $892.31.

Palladium slipped 1.2pc to $1,385 an ounce, having jumped 3.9pc to a two-week high of $1,406.81 in the previous session.

Published in Dawn, April 19th, 2019