LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Gold dips as U.S.-China trade deal hopes lift risk appetite

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Mar 05, 2019
01:37 am
Reuters
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Gold dipped on Monday to its lowest in more than five weeks as the dollar and equities prices rose on optimism about a possible trade deal between the United States and China, while platinum shed 3 percent as investors took profits from a recent rally.

The world`s two largest economies appeared close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, a source briefed on negotiations said on Sunday.

Spot gold was down 0.5 percent at $1,286.94 per ounce at 2:15 p.m. EST (1915 GMT). During the session gold fell as low as $1,282.50, its lowest since Jan. 25.

U.S. gold futures fell for the sixth straight session, settling down 0.9 percent at $1,287.5 per ounce.

"There is a risk-on (sentiment) in the markets with the positive U.S.-China talk, so gold is naturally pulling back on strong equities, strong dollar and good geopolitical news," said Bob Haberkorn, senior market strategist at RJO Futures.

U.S. President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a summit around March 27, the Wall Street Journal reported on Sunday.

Global markets cheered a potential deal, as investors headed into riskier assets, dampening demand for gold.

The dollar index measuring the greenback against other currencies rose to a 10-day high. Rising U.S. Treasury yields boosted demand for the currency.

"It seems that investors` appetite for gold has suddenly vanished," ActivTrades chief analyst Carlo Alberto De Casa said in a note. "From a technical point of view, the fall below $1,300 is making space for further declines."

On Friday, holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, fell 1.5 percent, the biggest daily percentage fall since December 2016.

Platinum shed 2.5 percent to $835.35 an ounce. The metal remained up more than 5 percent for the year so far.

Palladium, which hit an all-time peak of $1,565.09 last month, was down 1.2 percent at $1,527.01.

Both metals are seeing a technical correction, with palladium still in overbought territory, analysts said, adding the dollar`s advances also weighed.

Bank of America Merrill Lynch lifted its forecast for palladium, expecting it to hit a key $2,000 level this year. The bank said it expects platinum to average $883 for the same period.

Silver fell 0.8 percent to $15.08 per ounce, having earlier declined to a more than two-month low of $15.02.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

Tesla strengthens India team ahead of rolling out electric cars

Tata Group to import 24 cryogenic containers to transport liquid oxygen amid spike in COVID-19 cases

Covid-19 fears persist, YES Bank share price declines by nearly 3.5% in last one week

Tourism is a vehicle for earning revenue and the government should support it: V Kamat, CMD, Kamat Hotels

Tata Sons chairman emeritus Ratan Tata invests in Mailit, a mailroom management and logistics company

PUBG update: Alert! PUBG Mobile India may release on THIS date? Here's all you need to know

Oppo A74 5G launched in India at Rs 17,990: Check Camera, Specifications, Bank Offers and More

Tesla drives on Autopilot through a regulatory grey zone

Haryana Schools Closed Latest News Today: Summer vacation announced early in the state due to rise in the number of COVID cases - check all details here

Lua PDF Allows You To Convert Your PDF Files More Efficiently

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved