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 prices touch one-week high on softer U.S. dollar

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Jul 04, 2018
11:30 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 rose to a one-week high on Wednesday, extending the prior session`s rebound from a seven-month low, helped by a softer U.S. dollar and smoldering trade policy tensions, though the prospect of the Federal Reserve raising interest rates further may limit gains.

The U.S. dollar index fell against a basket of major currencies, while the Chinese yuan rose for a second day with central bank support, after seeing an 11-month low this week. [FRX/]

A weaker U.S. dollar makes dollar-priced gold cheaper for non-U.S. investors.

"Gold has been trending lower for several weeks and this being (U.S) non-farm payrolls (week) the dollar is likely to remain in range, so people are taking profit on dollar and gold positions," said Fawad Razaqzada, an analyst at FOREX.com.

"I`m still not convinced we`ve seen the lows so long as gold remains below $1,300. The dollar is on an upwards trajectory. I don`t think (looming U.S. interest rate) hikes are fully priced into the dollar or gold."

Spot gold was up 0.3 percent at $1,256.20 an ounce by 1:59 p.m. EDT (17:59 GMT) after touching $1,261.10, a one-week high. The yellow metal has gained over $20 from Tuesday`s low of $1,237.32 an ounce, its weakest since Dec. 12.

U.S. gold futures for August delivery rose 0.4 percent to $1,258.10 in a shortened session and will not have a settlement price due to the U.S. Independence Day holiday on Wednesday.

Investors are now looking to minutes of the June U.S. Federal Reserve meeting due for publication on Thursday and the U.S. non-farm payrolls and unemployment data on Friday for further cues on monetary policy. Markets are pricing in two more Fed interest rate hikes for 2018.

World stocks were flat amid growing anxiety ahead of Washington`s end of week deadline to impose tariffs on Chinese imports.

"Since the trade wars have been doing the rounds, if anything we`ve seen gold come lower. But if it continues to escalate gold could go only one way and that`s higher," a Sydney-based trader said.

China is putting pressure on the European Union to issue a strong joint statement against U.S. President Donald Trump`s trade policies at a summit later this month but is facing resistance, European officials said.

Gold is often regarded as a safe haven during times of political and financial uncertainty.

Silver was 0.1 percent higher at $16.03 an ounce and palladium gained 0.7 percent to $946.

Platinum was flat at $837 an ounce. The metal fell on Tuesday to the lowest since December 2008 at $793.

(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

Stock Market Outlook: Focus will be on these - Check what share bazaar experts, analysts opined

Life Insurance Coverage Calculator: Simple cover calculation in just 3 steps - EXPLAINED

Listing facilitation! Ahead of LIC IPO, authorised capital boost of Rs 25,000 crores - All you need to know

Announcement LIVE: IIT JEE Main 2021 Result February - Date, time, declaration on NTA website direct link jeemain.nta.nic.in, download answer key, score checking and more

West Bengal Elections: PM Narendra Modi launches blistering attack on Mamata Banerjee - Top quotes

Rakesh Jhunjhunwala stocks: This Big Bull-owned MULTIBAGGER has delivered more than 42 pct in less than two month

Framework Agreement! India Grid Trust inks largest transmission deal with Sterlite Power

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

Super hi-tech driverless pod taxis for Noida Aiport! Check Yogi Adityanath government's big plans for Jewar

US continues to see drop in new Covid cases

  • 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