LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • 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 inches higher as trade talks lift China's yuan

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Mon, Aug 20, 2018
11:45 pm
Reuters
RELATED NEWS
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
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Gold prices crept higher on Monday after touching a 19-month low last week as a strengthening currency in China made the metal cheaper for buyers in the world`s biggest gold consumer.

Gold has tumbled 13 percent from an April high as the dollar powered higher against the yuan and other currencies, raising the cost of dollar-priced bullion outside the United States.

That pressure eased after news of U.S.-China trade talks planned for this week helped lift the yuan from its weakest in 19 months, said Saxo Bank analyst Ole Hansen.

But prices would have to move above $1,200 an ounce for speculative investors who have built large bets on lower prices to be shaken from their positions, he added.

"The bears who have been in control for weeks or even months have no reason to worry," he said.

Spot gold was up 0.1 percent at $1,185.64 an ounce at 1245 GMT after Thursday`s dip to $1,159.96, the lowest since January 2017.

U.S. gold futures were up 0.7 percent at $1,192.20 an ounce.

"Value-buying in this oversold territory is highly likely to underpin gold prices," Religare Securities analyst Sugandha Sachdeva said. Lower prices are sparking a revival in demand for physical gold in Asia.

But downward pressure from speculators remains strong.

Bets on lower prices by hedge funds and money managers on the Comex exchange continue to build and outweigh bets on higher prices by 77,273 lots, the largest quantity ever recorded.

Holdings of gold backed exchange traded funds, meanwhile, have fallen by 4.1 million ounces, or 7 percent, since late May as investors exited positions.

Technical and momentum indicators suggest gold will fall towards support at its January 2017 low of $1,146.20, said analysts at ScotiaMocatta. Fibonacci resistance was at $1,185.30, they said.

Investors were looking ahead to Friday and a speech by U.S. Federal Reserve Chairman Jerome Powell at a conference in Jackson Hole in which he might give clues about the pace of U.S. interest rate rises, analysts said.

Any display of caution about rate rises could push the dollar lower and give gold a leg up.

In other precious metals, spot silver was down 0.5 percent at $14.69 an ounce after hitting its lowest since February 2016 last week.

Platinum rose 1.5 percent to $793.50 an ounce but remained close to its lowest in a decade, while palladium,, which last week traded at its weakest since July last year, was up 0.6 percent at $916 an ounce.

(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
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
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Covid 19 new guidelines released - check new orders for religious places, malls, restaurants and more

NTA likely to release GPAT 2021 answer key today—Here is how you can download it on gpat.nta.nic

In chat with Anil Singhvi, analyst Vikas Sethi picks Kotak Bank, RIL as top buys for big returns

Aadhaar card-based driving licence service: Check step by step guide to renew your driving licence online without going to RTO

DSSSB Recruitment 2021: Bumper Government Job vacancies at Delhi Jal Board, New Delhi Municipal Council, others; check details at dssb.delhi.in

JEECUP 2021: See how to apply for UPJEE (Polytechnic) 2021 at jeecup.nic.in: Check exam dates, application fee and all other details here!

Call of Duty Mobile vs Garena Free Fire comparison: Here's all you need to know about these battle royale games

Heranba IPO listing is a big success; now, experts unveil this money-making strategy - buy these stocks

SBI Gold Loan – Give a missed call and get loan; interest rate at 7.5 pct; no processing fee if applied through YONO

Samsung Galaxy XCover 5 rugged smartphone launched: Check price, availability and other details here!

  • 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