Egypt's Sisi discusses bilateral ties with Chinese People's Political Consultative Conference chairman    Trump denies telling White House counsel to fire Mueller from Russia probe    Sudan risks counter coup without deal on transition: Opposition leader    EGP 1.852tn balance of local T-Bills, T-Bonds by end-March    AOI will complete launch of two solar plants in Eritrea next October    NTPC to invest in solar energy in Egypt    Trump's ‘peace plan' in Middle East to be unveiled in June    Kim Jong Un to meet Putin in Russia    For First Time in Egypt: Uber launches UberBlack in El Gouna    No Egyptians to travel for Umrah without Ministry of Tourism approval: Supreme Committee for Hajj, Umrah    The widespread impact of domestic violence    Ancient Egyptian tomb filled with mummies unearthed in Aswan    Indian embassy, Social Solidarity Ministry launch new initiative in Assuit    Once upon a time in Eden features Anubis in batman suit    Egypt renews state of emergency for three months: Official gazette    Factbox: Manchester City's and Liverpool's remaining fixtures    Manchester City's Fernandinho facing knee injury scan    Guardiola amazed by Manchester City's response to European exit    Egyptians binging on holiday    In pursuit of stability    Sliced twice    Egyptian triple    Staged in Cairo    Partial sale of Banque du Caire    Steel troubles    After the Sri Lanka bombings    Yemen's new road to peace    Primary healthcare for all    Avengers: Endgame    Syrian crisis caused by Iran    The return of the vice president    Expat voices heard    Al-Qawmi Theatre's new production Yaaish Ahl Baladi is a must go    Celebrating World Heritage    Don't miss "The Sum of All Parts" exhibition at UBUNTU gallery    Egypt's constitutional amendments approved: What's next?    Centamin reports better-than-expected Q1 gold output    Egypt's state employees to be assessed ahead of transfer to New Administrative Capital    Egypt to set up 4 medical centers in Africa: Minister    Republished: Good morning, Sinai: A look at the headlines when Israel withdrew in 1982    Egypt's bourse recovers, gains EGP 3.8 billion    Egyptian voters back constitutional amendments    Elders, campaigners dominate scene in Kerdasa polling stations    250 archaeological missions from 25 countries work in Egypt: Minister    Bundesliga: Bayern Munich turn the screw in a reminder of champions past    Trade exchange between Egypt, Tunisia to increase to $500m    Cairo Copts celebrate Palm Sunday    Vatican willing to offer technical know-how to help restore Notre-Dame    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Gold prices little changed as dollar steadies, Korean tensions ease
Published in Amwal Al Ghad on 30 - 04 - 2018

Gold prices were little changed on Monday as investor interest in the yellow metal dropped as the U.S. dollar steadied and there were signs of easing tensions on the Korean peninsula, reducing the safe-haven demand for gold.
Spot gold fell 0.1 percent to $1,320.80 per ounce at 0428 GMT. U.S. gold futures for June delivery declined 0.1 percent to $1,322 per ounce. Gold is set for a slight monthly decline of 0.2 percent for April
"Gold is still tracked very closely with the dollar," said Helen Lau, analyst at Argonaut Securities.
The dollar index, which touched a 3-1/2-month high of 91.986 on Friday, was steady at 91.552.
Markets were mostly quiet on Monday with Japan, China and India on holiday and as much of Asia will be closed on Tuesday.
"Geopolitical risks also seem to be turning around… Everybody want to comes to the table and negotiate a deal," Lau added.
At their summit on Friday, North Korean leader Kim Jong Un and South Korean President Moon Jae-in declared they would take steps to formally end the 1950-53 Korean War, which ended only with a truce, and work towards the "denuclearization" of the Korean peninsula.
Separately, a delegation of U.S. officials, including Treasury Secretary Steven Mnuchin and President Donald Trump's top economic and trade advisers are all expected in China later this week for trade negotiations.
Gold is often used as a store of value during times of financial or political uncertainty.
"Gold positions continued to be rolled back as the markets are adjusting portfolios given the increased potential for the dollar to rise in the weeks ahead becomes a reality," said Stephen Innes, APAC trading head at OANDA.
Hedge funds and money managers trimmed their net long position in COMEX gold contracts and switched to a net long position in silver contracts in the week to April 24, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.
Spot gold looks neutral in a range of $1,317-$1,326 per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.
Among other precious metals, silver fell 0.1 percent to $16.47 per ounce but is set to rise 0.9 percent for the month.
Platinum fell 0.3 percent, to $907.60 per ounce and was on track to record its third consecutive monthly fall, down 2.1 percent.
Palladium was down 0.5 percent to $969 per ounce and is set for a 2 percent monthly gain.
Source: Reuters

Clic here to read the story from its source.