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Gold retreats

May 15, 2019

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LONDON: Gold retreated from a one-month high hit earlier on Tuesday as stock markets and dollar took heart after the United States and China decided to keep negotiating their trade deal, which has rattled financial markets for months.

Spot gold was down 0.3pc at $1,296.27 per ounce as of 10:47am ET (1447 GMT), after hitting $1,303.26 earlier in the session, its highest since April 11.

US gold futures were down 0.4 per cent at $1,296.7 an ounce.

“Gold is turning bullish on the daily charts as prices have broken above the previous higher low at $1,290,” Lukman Otunuga, research analyst at FXTM, said in a note, adding, “a solid breakout and daily close above $1,300 is likely to encourage a move higher towards $1,310 and $1,324, respectively.”

Among other precious metals, silver was up 0.1pc at $14.78 per ounce.

Platinum rose 0.1pc to $854.25 an ounce, while palladium dipped 0.4pc to $1,316.35.

Published in Dawn, May 15th, 2019