Gold steps down from its earlier highs
DSIJ Intelligence / 19 Aug 2017
While the rising tension between the US and North Korea has been diffused for the moment and a terrorist attack in Spain has shaken the world, gold prices slipped from its nine-month highs with the dollar going on the back foot.
While the rising tension between the US and North Korea has been diffused for the moment and a terrorist attack in Spain has shaken the world, gold prices slipped from its nine-month highs with the dollar going on the back foot.
Spot gold was trading flat at 1,288.06 per ounce on Friday while earlier in the day it had touched its highest since November 9 at USD 1,300.80 per ounce.
US gold futures for December delivery settled down at USD 1,291.60 per ounce.
Silver fell 0.19% to USD 16.96 an ounce, having touched a two-month high of USD 17.25. Platinum was up 0.1% at USD 973.50, on track for a third straight week of gains. Meanwhile, India’s gold imports are likely to jump by one-third in 2017 to 750 tons on restocking by jewellers and as good monsoon rainfall is expected to boost demand in rural areas during the upcoming festive season, reported a leading news agency.
Also, India’s Multi Commodity Exchange (MCX) will launch the country’s first gold options’ contract in September, allowing even smaller players in the bullion industry an instrument to hedge their risk.
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