Gold steady as political worries linger

Updated: Fri, Mar 16, 2018
07:03 am
Reuters
RELATED NEWS
India 4th most attractive investment market for global CEOs: PwC survey India 4th most attractive investment market for global CEOs: PwC survey
France fines Google $57 million for European privacy rule breach France fines Google $57 million for European privacy rule breach
Apollo nears $3.8 billion-plus deal for packaging group RPC: WSJ Apollo nears $3.8 billion-plus deal for packaging group RPC: WSJ
Tesla's Model 3 gets green light in Europe Tesla's Model 3 gets green light in Europe
WEF summit opens amid gloomy outlook for global economy WEF summit opens amid gloomy outlook for global economy

Gold prices held steady on Friday as political tensions between the United Kingdom and Russia supported safe haven bids despite a firmer dollar, with markets also eyeing a possible U.S. rate hike next week.FUNDAMENTALS

* Spot gold was unchanged at $1,315.80 per ounce at 0100 GMT.

* Spot gold has fallen 0.6 percent so far this week.

* U.S. gold futures for April delivery fell 0.2 percent to $1,315.80 per ounce.

* Gold prices fell 0.7 percent in the previous session, under pressure from a stronger U.S. dollar.

* The dollar rose versus a currency basket <.dxy> as traders, awaiting next week`s Federal Reserve meeting, eyed data that showed the number of Americans filing for unemployment benefits fell last week.

* The two-day Federal Open Market Committee meeting begins on March 20 at which the U.S. central bank is expected to raise interest rates for the first time this year.

* Moscow said it would retaliate against London`s move to expel 23 Russian diplomats over a nerve toxin attack on a Russian former double agent in Britain.

* Asian stocks were on the defensive on Friday as worries over the U.S. investigation into the Trump Organization tested investor nerves, already frayed by fears U.S. tariffs could hurt the global economy and trigger a trade war.

* U.S. Special Counsel Robert Mueller has subpoenaed the Trump Organization for documents, including some related to Russia, the New York Times reported on Thursday, citing two people briefed on the matter.

* Growing U.S. political uncertainties following the recent departure of two key officials, former Secretary of State Rex Tillerson and top economic advisor Gary Cohn, from the Trump administration have also left investors worried.

* Holdings of SPDR Gold Trust , the world`s largest gold-backed exchange-traded fund, rose 0.53 percent to 838.15 tonnes on Thursday from 833.73 tonnes on Wednesday.

* India`s February gold imports fell 16.92 percent year-on-year to $2.89 billion.

* Turkey imported 44.47 tonnes of gold in January and 16.03 tonnes in February, data from Borsa Istanbul showed on Thursday.

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