BENGALURU: Gold eased on profit-taking after prices hit a more than six-month high on Friday on concern about an economic slowdown, with the metal still on track for a third straight weekly rise.

Spot gold touched its highest since mid-June at $1,298.42, but was down 0.2 per cent at $1,291.31 per ounce as of 1130 GMT.

US gold futures were down 0.1pc at $1,293.40 per ounce, having risen above $1,300 earlier in the session.

“Gold is looking slightly overbought at the moment, so there’s a degree of caution,” said Ross Norman, chief executive at Sharps Pixley.

Indicating investor appetite for gold, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose to 795.31 tonnes, their highest since early August, earlier this week.

Silver eased 0.1pc to $15.72 per ounce, having hit $15.87, its highest since mid-July.

Platinum eased 0.2pc to $796.99 and palladium rose 0.1pc to $1,265.

Published in Dawn, January 5th, 2019