Gold prices edge up as dollar retreats from 11 month peak
Commodity Summary MCX
BENGALURU: Gold prices inched higher on Friday after hitting a six-month trough in the previous session, as the US dollar pulled back from a 11-month peak on profit-booking.
Spot gold was up 0.2 per cent at $1,269.46 an ounce, as of 0644 GMT. In the prior session, bullion touched $1,260.84, its lowest since Dec. 19, 2017.
The yellow metal was, however, headed for a 0.7 per cent decline for the week.
US gold futures for August delivery were 0.1 per cent higher at $1,271.50 per ounce.
Gold has rebounded a little bit from the lower side due to the weakness in the dollar, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies.
The dollar pulled back from an 11-month peak against a basket of major currencies on Friday, as investors took profits after the currency's earlier rally, while sterling rebounded from a seven-month low after a slightly hawkish tilt from the Bank of England surprised the market.
Asian shares stumbled to their lowest in six months on Friday, hurt by signs US trade battles with China and many other countries are starting to chip away at corporate profits, while oil prices were choppy before an OPEC meeting to discuss raising output.
The trade war is affecting gold for the time-being. Unless the dollar weakens, do not expect gold to move too high, Leung added.
Spot gold still targets $1,258 per ounce, as suggested by its wave pattern and a projection analysis, said Reuters technicals analyst Wang Tao.
Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, dropped 0.5 per cent to 824.63 tonnes on Thursday.
Meanwhile, the ongoing trade war between the world's two largest economies has now claimed another victim - Germany's auto sector.
Auto catalysts platinum and palladium were little changed at $861.80 and $952 per ounce, but were headed for weekly declines of over 3 per cent.
Earlier in the session, palladium slipped to a seven-week low of $947.15 an ounce.
Silver was up 0.5 per cent at $16.39 an ounce and was on course for a 0.6 per cent decline this week. It fell to its lowest since May 2 at $16.16 in the previous session.
Spot gold was up 0.2 per cent at $1,269.46 an ounce, as of 0644 GMT. In the prior session, bullion touched $1,260.84, its lowest since Dec. 19, 2017.
The yellow metal was, however, headed for a 0.7 per cent decline for the week.
US gold futures for August delivery were 0.1 per cent higher at $1,271.50 per ounce.
Gold has rebounded a little bit from the lower side due to the weakness in the dollar, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies.
The dollar pulled back from an 11-month peak against a basket of major currencies on Friday, as investors took profits after the currency's earlier rally, while sterling rebounded from a seven-month low after a slightly hawkish tilt from the Bank of England surprised the market.
Asian shares stumbled to their lowest in six months on Friday, hurt by signs US trade battles with China and many other countries are starting to chip away at corporate profits, while oil prices were choppy before an OPEC meeting to discuss raising output.
The trade war is affecting gold for the time-being. Unless the dollar weakens, do not expect gold to move too high, Leung added.
Spot gold still targets $1,258 per ounce, as suggested by its wave pattern and a projection analysis, said Reuters technicals analyst Wang Tao.
Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, dropped 0.5 per cent to 824.63 tonnes on Thursday.
Meanwhile, the ongoing trade war between the world's two largest economies has now claimed another victim - Germany's auto sector.
Auto catalysts platinum and palladium were little changed at $861.80 and $952 per ounce, but were headed for weekly declines of over 3 per cent.
Earlier in the session, palladium slipped to a seven-week low of $947.15 an ounce.
Silver was up 0.5 per cent at $16.39 an ounce and was on course for a 0.6 per cent decline this week. It fell to its lowest since May 2 at $16.16 in the previous session.