Gold price hits seven-year peak, may take a pause after ease in the US-Iran standoff
Gold price hit their highest since March 2013 at $1,610.90 on Wednesday. U.S. gold futures fell 0.3% to $1,555.90.
Gold prices were steady on Thursday, retreating from the near seven-year peak hit in the previous session, as a softening rhetoric by the United States and Iran allayed concerns of a larger military conflict. Spot gold was unchanged at $1,555.51 per ounce by 0031 GMT. Prices hit their highest since March 2013 at $1,610.90 on Wednesday. U.S. gold futures fell 0.3% to $1,555.90.
President Donald Trump said on Wednesday the United States did not necessarily have to respond militarily to Iran`s attack on military bases housing U.S. troops in Iraq. Iranian Foreign Minister Mohammad Javad Zarif said the strikes "concluded" Tehran`s response to the killing of top military commander Qassem Soleimani.
See Zee Business Live TV streaming below:
US private payrolls increased by the most in eight months in December, pointing to sustained labour market strength. The World Bank on Wednesday trimmed its global growth forecasts slightly for 2019 and 2020 due to a slower-than-expected recovery in trade and investment despite cooler trade tensions between the United States and China.
The Perth Mint`s gold product sales in December rose to their highest in more than three years, the refiner said on Wednesday, citing higher demand from Germany. Holdings of the world`s largest gold-backed exchange-traded fund SPDR Gold Trust fell 1.05% to 886.81 tonnes on Wednesday.
Elsewhere, palladium edged up 0.2% to $2,108.31 an ounce, trading near the all-time peak of $2,108.81 hit in the previous session on supply concerns. Silver gained 0.2% to $18.12 per ounce, after hitting its highest since September at $18.85 on Wednesday, while platinum inched up 0.1% to $954.26.
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.