Precious metals remain balanced as dollar holds gains
DSIJ Intelligence / 08 Aug 2017
Gold prices were steady early hours on Tuesday with the US dollar sustained by hopes of another interest rate hike this year after robust employment data.
Gold prices were steady early hours on Tuesday with the US dollar sustained by hopes of another interest rate hike this year after robust employment data.
The US dollar was slightly down, not far from the multi-month lows it touched last week. Market observers awaited data that is due later this week, which will offer clues about the extent to which the strengthening labour market is dropping over into inflation.
Spot gold had edged up 0.1% to USD 1,258.20 per ounce at 0046 GMT. US gold futures for December delivery were nearly flat at USD 1,264.20 per ounce. In other precious metals, silver rose 0.3% to USD 16.28 per ounce. In the previous session, it retouched its July 20 low of USD 16.10 an ounce, the weakest since July 18.
Platinum increased 0.4% to USD 966.90 per ounce and palladium inched 0.2% higher to USD 887.30 per ounce. Asian shares went flat on Tuesday as disappointing Chinese trade data clouded the otherwise upbeat outlook on global growth, leaving currencies and commodities becalmed in summer lethargies.
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