Gold steadies

Latest Update: August 9, 2016 | 103 Views

LONDON: Gold steadied after falling to a one-week low on Monday as downward momentum from stronger-than-expec­ted US jobs figures late last week lost steam, with concerns over negative global economic sentiment lending support.

The payrolls data on Friday reignited speculation that the Federal Reserve could press ahead with interest rate hikes later this year.

Spot gold was up 0.1 per cent at $1,336.40 an ounce at 1419 GMT, after dipping to $1,329.55, the lowest since July 27. US gold for December delivery edged 0.1pc lower to $1,342.90 an ounce.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

Among other precious metals, silver was up 1pc at $19.85 an ounce after hitting a near two-week low at $19.56. It fell 3pc on Friday. Platinum gained 0.9pc to $1,152.10, while palladium was up 0.4pc at $696.47.



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