Gold retreats

Published May 15, 2019

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

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.