BENGALURU: Gold fell on Friday, retreating from two-month highs hit in the previous session, as global equity markets recovered some poise after dramatic losses.

Spot gold was down 0.2 per cent at $1,221.29 an ounce by 1117 GMT, having jumped about 2.5pc on Thursday as an equities sell-off steered investors towards safe-haven assets. Thursday’s peak of $1,226.27 was the highest since July 31.

Gold has risen about 1.6pc this week, on track for its biggest weekly gain in seven.

“The markets have kind of stabilised and things have calmed down a bit and the sort of momentum for gold to push higher is not with us at the moment,” said Macquarie commodity strategist Matthew Turner.

In other precious metals, silver rose 0.6pc to $14.65 and platinum was up 0.3pc at $841.50.

Palladium was up 1.1pc at $1,088.80, still shy of the previous session’s peak of $1,096.80, its highest since Jan 26.

Published in Dawn, October 13th, 2018