Children are nearing slavery due to digital development: Al-Azhar grand imam    Egypt's Sisi, Germany's Merkel discuss end to conflict in Libya, bilateral cooperation    Venice flooded again 3 days after devastation in a near-record high tide    1 killed, 40 wounded in renewed clashes between protesters and security forces in Baghdad    Brazil face Mexico in U17 World Cup final    Frankfurt lose appeal against fan ban for Arsenal match    Chinese FA accepts coach Lippi's resignation    Al-Azhar grand imam arrives in Rome to attend summit promoting child dignity    Egypt has the political well to improve human rights conditions: Experts    Egypt issues $2 bln dollar-denominated bonds in three tranches    Egypt to launch $600 million Africa export credit guarantee firm –    Big production Mamalek El-Nar to scan Ottomans' history on Saudi MBC    Bridging East and West: Egyptian musicians Abdallah Abozekry and Ali Baghdady in Paris concerts    UAE, Egypt launch $20 billion joint investment fund    Egypt's textiles salvage plan reveals backing for state sector    Six people killed, 16 injured in fuel pipeline explosion in Behaira    Volume of non-oil trade exchange between Egypt, UAE reached 24.5 billion dollars within 5 years: UAE economy minister    Most Gulf stocks fall; Emirates NBD leads Dubai higher    Despite ‘wonderful' meeting, Trump and Erdogan fail to resolve conflicts    Morales' shadow looms large in Bolivia as clashes test new leader    Facebook says it removed 3.2B fake accounts in 6 months    Liverpool's forward Salah out of Egypt games with ankle problem    GERD: An ‘adaptive' agreement    A film is born    Egypt MPs meet with EU diplomats in Cairo to discuss human rights criticisms    10 tips to have your 30s starting a lifelong success    Nike to investigate its Oregon Project following Mary Cain's NYT op-ed    ‘Shining' sequel ‘Doctor Sleep' targets $25 mln opening, has Stephen King's blessing    Sisi: Egypt believes in comprehensive approach to human rights    UK University of Hertfordshire to open campus in Egypt new capital    Egypt's bourse, banks to close Sunday to mark Prophet Muhammad's birth    Egypt rejects politicised reports on human rights conditions – parliament    Egypt to vote on 3-month extension of state of emergency Monday    Jurgen Klopp gives injury update on Egypt's Mohamed Salah    Al Pacino says follows this mantra on every acting job    Remembering Mustafa Mahmoud, philosopher of his time    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    

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

Softer Asian shares, global concerns prop up gold
Published in Amwal Al Ghad on 23 - 10 - 2018

Gold prices edged higher on Tuesday as Asian stocks faltered, weighed down by political tensions between Saudi Arabia and Western powers, uncertainties around Brexit and Italy's budgetary woes.
Spot gold was up 0.2 percent at $1,223.66 an ounce at 0419 GMT. U.S. gold futures rose 0.2 percent to $1,226.5 an ounce.
“Geopolitical tensions are escalating and that has brought some safe-haven buying back into the gold market… Short positions also appear to be unwinding as a result,” ANZ analyst Daniel Hynes said.
Asian shares fell as earnings season nerves in the United States dented Wall Street and the mix of political and economic concerns dampened sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.7 percent.
Gold is used as an alternative investment during times of political and financial uncertainty.
The fast pace of short-covering in the past fortnight has helped lift gold prices, with volatility in risk assets, and continued fears over a trade war strengthening demand, according to Jordan Eliseo, chief economist at gold trader ABC Bullion.
“Fears over a slowdown in global growth may also support the metal, especially if markets get a sense that the U.S. Federal Reserve may slow their pace of tightening, with the potential for substantially more short-covering in the weeks ahead,” Eliseo added.
The outlook for global growth in 2019 has dimmed for the first time, according to Reuters polls of economists who said the U.S.-China trade war and tightening financial conditions would trigger the next downturn.
The yellow metal has declined more than 10 percent from its April peak after investors preferred the dollar as the U.S.-China trade war unfolded against a background of higher U.S. interest rates.
Spot gold looks neutral in a range of $1,217-$1,235 per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.
Meanwhile, holdings at the world's largest gold-backed exchange-traded fund SPDR Gold Trust rose 0.28 percent to 747.88 tonnes on Monday.
Palladium eased 0.5 percent to $1,116.55 an ounce, after hitting a nine-month high of $1,124.40 in the previous session.
Palladium surged nearly 4 percent on Monday as investors were worried about the impact of any renewed sanctions on Russia, a major producer of the metal, ANZ analysts said in a research note.
“Plans by the U.S. to pull out of a nuclear weapons pact treaty with Russia could ultimately impact palladium sales at a time when the market is extremely tight,” said ANZ analysts.
Among other precious metals, silver was down nearly 1 percent at $14.48 per ounce, while platinum fell 0.1 percent to $819.10 per ounce.
Source: Reuters

Clic here to read the story from its source.