Egypt's Sisi urges localisation, global partnerships    EGP appreciates vs USD in early Sunday trading    Egypt calls for greater private sector role, debt swaps at G20 meeting    Al-Sisi, Macron discuss Gaza ceasefire efforts, France's planned recognition of Palestinian state    Over 60 million visits recorded under Egypt's Women's Health Initiative since 2019    State steps up efforts to streamline trade, digitise processes: Investment minister    Public enterprises minister reviews steps to restart carbon anode factory in Ain Sokhna after two-year hiatus    Culture minister launches national plan to revive film industry, modernise cinematic assets    Thailand, Cambodia clash on new front as tens of thousands flee    Macron's plan to recognize Palestinian state, divides Western allies    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



Gold falls as dollar steadies, equities tick up
Published in Amwal Al Ghad on 13 - 12 - 2018

Gold prices slipped on Thursday as the dollar steadied and equities climbed on signs of easing trade tensions between the United States and China, while palladium rose to a record high, trading at a premium to the bullion.
Spot gold was down 0.2 percent at $1,243.91 per ounce, as of 0415 GMT, while U.S. gold futures were 0.1 percent lower at $1,249.3 per ounce.
"Market sentiment is neutral today… We've got a little more positive sentiment than we anticipated from U.S.-China trade tensions, which is weighing on the topside," said Stephen Innes, APAC trading head at OANDA in Singapore.
"Dollar hasn't made much moves and that's the real signpost for gold as they are still highly correlated."
The dollar index, which measures the greenback against six major rivals, was steady at 97.069, after retreating from a near one-month high overnight.
Meanwhile, Asian shares advanced on signs of easing trade tensions between the world's top two economies, and expectations that China will step up efforts soon to support its cooling economy.
China appears to be easing its high-tech industrial development push, dubbed "Made in China 2025," which has long irked the United States, while it also made its first major U.S. soybean purchases in more than six months on Wednesday.
Investors seem more interested in equity at this point of time than in gold, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
However, analysts see uncertainties around the Brexit deal and expectations of the U.S. Federal Reserve's dovish tone at its meeting next week, supporting the yellow metal.
"We are still gonna have a lot of noise coming out of Brexit and that should definitely keep gold bid for a while," Innes said.
Markets are not expecting more than one rate hike from the U.S. central bank next year, after a likely interest rate increase at the Federal Open Market Committee (FOMC) meeting on Dec. 18-19.
Spot gold looks neutral in a range of $1,240-$1,253 per ounce, and an escape could suggest a direction, said Reuters technical analyst Wang Tao.
Among other precious metals, spot palladium was down 0.2 percent at $1,258.90 per ounce, having touched a record high of $1,264.25 earlier in the session.
Palladium rose strongly on the news that China would be reducing tariffs on U.S. imported autos, raising hopes that the sector would be boosted by additional demand, analysts at ANZ said in a note.
Silver was up 0.1 percent at $14.75 per ounce, while platinum climbed 0.3 percent to $800.49.
Source: Reuters


Clic here to read the story from its source.