Commodities

Gold holds above $1,300, resisting the stronger dollar

2019-02-12 12:50:55 GMT (Economies.com)

Gold prices rose in European trade above the psychological level of $1,300 in resistance to the impact of the rising dollar against a basket of currencies. 

 

As of 10:10 GMT, gold rose 0.35% to $1,312.27 an ounce, with a session-high at $1,313.86, and a low at $1,306.53. 

 

Gold lost 0.5% on Monday, the first loss in three days under pressure from the surging dollar, with the yellow metal also losing 0.3% last week, marking the first weekly loss in three. 

 

Gold is currently supported by increased haven demand amid concerns of the slower global economy and trade uncertainty with regard to US-China talks. 

 

The dollar index rose 0.1% on Tuesday, heading for the ninth profit in a row, the longest such streak of gains since November 2016, while marking two-month highs at 96.98. 

 

Gold holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained unchanged yesterday at 802.12 tonnes, the lowest since January 10. 

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