Berlin conference: world leaders agree to uphold Libya's arms embargo, end military support for warring factions    Egypt's Sisi extends state of emergency for 3 months    Lebanese security forces, protesters clash for second night    Egypt's Shoukry, EU's Borrell discuss Libyan crisis    Egypt's Azhar cooperates with all religious institutions to achieve international peace : Sheikh Ahmed El-Tayyeb    UN condemns attack on Yemen camp that killed nearly 80, says it threatens peace    IDB profits reach EGP 512m in 2019    Madbouly chairs SCNW meeting on GERD's upcoming technical, legal discussions    Government to use smart technologies to promote tourism    No elections without Jerusalem: Fatah official    Quaint little hole in the wall downtown selected by CNN as Egypt's best Molokhia    Jordan parliament passes draft law to ban gas imports from Israel    Two Egyptian artists to participate in site-responsive exhibition at Medina's Al-Ula, Saudi Arabia    Libyan tribesmen say they have closed El Shahara and El Feel oilfields    Egy Lease to provide finances of EGP1bln during 2020    Harry, Meghan drop their royal titles repay £2.4 mln    International Film Music Contest accepts entries from a variety of composers, performers    Russia's Putin says he opposes unlimited presidential term    Live score: Liverpool v Manchester United (Egyptian Premier League)    Tennis: Djokovic the man to beat, again, at Melbourne Park    Honeywell, Etisalat Misr join forces to support Egypt's Smart City vision    West Ham fan protest is familiar ground for Moyes    Sisi, World Bank seeks further cooperation    Iran's Khamenei should be careful with his words: warns Trump    Parliamentary elections to be held in November: Baha Abu Shoqa    S. Korean companies keen on new industrial partnerships with Egyptian counterparts: Ambassador    No pressures imposed on Egypt to accept Washington's deal on GERD: Irrigation Ministry    Egypt's young pharaoh, TUT in Australia's Boston exhibition    Alexandria, Dekheila ports working normally despite medium rain    Iran's Khamenei stands by Guards after unrest over downed plane    Egypt's interior ministry says Mostafa Kassem received fair trial, was convicted terrorist    Egyptian actress Magda Al-Sabahi dies at 89    Egypt is best tourism destination for 2020 according to BBC    Government launches Upper Egypt's first cultural festival    Egypt names executive head of comprehensive health insurance authority – ministry    Nancy Ajram's husband charged with ‘intentional' murder    6th of October Rotary club trains undergrads for teaching literacy workshops    BBC names Egypt as best tourism destination for 2020    WHO says new China coronavirus could spread, warns hospitals worldwide    Ethiopian Dam talks to continue in Washington on Wednesday : Ministry    Mission Africa continues    Egyptian sports in 2020: challenges and opportunities    Tough Mudder obstacle course race takes place for first time in Egypt    NBE studies establishment of rowing club in Cairo    Egypt's Zamalek, Smouha presidents hit with disciplinary sanctions by EFA    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    Egypt's Sami Anan released after near two-year detention    Liverpool's Mohamed Salah optimistic to see Egypt at 2022 World Cup    







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Gold prices steady as weaker dollar offsets increased risk appetite
Published in Amwal Al Ghad on 14 - 12 - 2019

Gold prices were steady on Friday as a weaker dollar helped offset pressures from an increased appetite for riskier assets following reports of a breakthrough in China-U.S. trade negotiations, while palladium scaled a fresh peak.
Spot gold fell 0.1 percent to $1,467.20 per ounce by 0452 GMT, but was up about 0.5 percent so far this week.
U.S. gold futures were down 0.1 percent at $1,471.60.
Sources said on Thursday U.S. negotiators were offering to cut existing tariffs on Chinese goods by as much as 50 percent and suspend the new tariffs scheduled to go into effect on Sunday in an attempt to secure a "Phase 1" deal first promised in October.
"The market remains cautious … Until we see little bit more data around what has been agreed to, investors aren't going to take any aggressive positioning in the gold market," ANZ analyst Daniel Hynes said.
"Gold has been driven by other issues, including central bank easing and low inflation, and that is helping support underlying investors appetite despite headwinds in the shorter term," he said.
U.S. stocks surged to record highs, while Asian equities rose to an eight-month peak, making safe-haven risk-off assets such as gold less appealing.
However, the dollar was hovering close to its lowest since early-July hit in the previous session, which made gold cheaper for investors holding other currencies.
Meanwhile, the European Central Bank kept its monetary policy unchanged on Thursday, while Christine Lagarde struck a more upbeat tone on the economy in her first news conference as its head.
In the previous session, gold scaled an over one-month high before ending the day lower.
Bullion gained after data from the United States showed higher-than-expected jobless claims and any signs of weakness in the economy likely to elicit support for gold, ANZ's Hynes added.
Elsewhere, palladium rose 0.9 to $1,956.75 an ounce, having notched an all-time high of $1,964.56 earlier in the session.
Plagued by supply deficit, the auto-catalyst has gained about 4 percent so far this week, predominantly supported by mine closures across South Africa, a major producer of the metal.
Platinum fell 1.4 percent to $930 per ounce, while silver dipped 0.2 percent to $16.89 per ounce.
Both the metals were set to post its best weekly gain since end-October.
Source: Reuters


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