Yesterday, spot gold hit its highest since November
Gold on Tuesday slipped from a near three-month high hit in the previous session, although it was supported by safe-haven demand on the back of rising global political uncertainty.
Spot gold was down 0.26 per cent at $1,232.26 per ounce at 0311 GMT. In the previous session, the metal touched $1,235.73, its highest since Nov 11.
US gold futures rose 0.17 per cent to $1,234.2. The dollar index, which measures the greenback against a basket of currencies, was up 0.2 percent at 100.070. Political uncertainty in the United States has been fueled by President Donald Trump’s policies, the most controversial of which is a temporary ban on entry by people from seven mostly Muslim countries.
“The two main determinants for gold prices at the moment are uncertainty surrounding the Trump administration, which is seen as a positive for gold, and the timing of a hike in US interest rates,” said Mark To, head of research at Hong Kong’s Wing Fung Financial Group.
“Right now, gold is trading range-bound, with the bullish prospects most people expect.” Philadelphia Federal Reserve Bank President Patrick Harker on Monday said he would be open to raising interest rates again at the U.S. central bank’s March meeting if growth in jobs and wages continues.
The Fed raised rates for only the second time since the financial crisis in December, and most Fed policymakers agree with Harker that three more rate hikes this year would be appropriate.
URL:http://www.khaleejtimes.com/24k-gold-increases-to-dh14925-in-dubai
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