Gold continues to rebound from 4-month low

2019-04-22 12:50:31 GMT (Economies.com)
Gold continues to rebound from 4-month low

Gold prices rose in the European market on today's trading, to extend its recovery for the second day in a row from a four-month low, supported by a halt to the US dollar's rally against a basket of currencies, while the gains were curbed by weak investment demand for the metal as a safe haven.

 

As of 11:35 GMT, Gold rose by more than 0.2% to trade at $1,278.62 per ounce from the opening level of $1,275.57 with a high of $1,279.81 and a low of $ 1,275.45.

 

Gold rose 0.2% on Thursday, its first gain in six days, on rebounds from a four-month low of $1,271.22 an ounce recorded earlier in the session.

 

Over the past week, gold prices lost 1.2%, in four straight daily losses, under the pressure of the US dollar rally and a slowdown in demand for safe assets.

 

Meanwhile, the dollar index fell more than 0.1% on Monday, down from a five-week high of 97.24 points on correction and profit taking, reflecting the greenback's rally halt against a basket of major and minor currencies.

 

With focus on high-yielding asset markets, investors, as well as financial institutions, were less interested in the yellow metal, with holdings of the largest gold-backed investment funds falling yesterday to their lowest level in six months.

 

Gold holdings at SPDR Gold Trust, The world's largest gold-backed index, fell by 1.18 metric tons on Thursday to fall to 751.68 metric tons, the lowest level since 24 October 2018.

 
 
 
  Symbol Last Change Chg.%
1.1071
-0.0027
0.2433%
1.2248
0.0094
0.7722%
17.169
0.064
0.375%
54.065
-0.735
1.341%
58.86
-1.13
1.88%
1505.955
-6.310
0.417%
 
 
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