Gold drift higher

July 03, 2019

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LONDON: Gold prices rose on Tuesday, after its biggest one-day percentage fall in 2-1/2 years the previous session, as risk appetite soured on worries over global growth and uncertainties around a Sino-US trade deal.

Spot gold was up 0.6 per cent at $1,391.80 per ounce at 1205 GMT, after falling 1.8pc on Monday, its biggest one-day percentage decline since November 2016.

US gold futures were up 0.5pc at $1,395.70 an ounce.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.78pc to 800.20 tonnes on Monday.

Spot gold may bounce to $1,401, as it has found a support in a narrow range of $1,386-$1,387 per ounce, according to Reuters.

Elsewhere, silver was steady at $15.13 per ounce, while palladium rose 0.2pc to $1,551.67 per ounce. Platinum gained 0.4pc to $833.45, after touching a near seven-week high on Monday.

Published in Dawn, July 3rd , 2019