EGX kicks off week higher on August 17    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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    







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Gold slips on improved risk sentiment, dollar recovery
Published in Amwal Al Ghad on 08 - 01 - 2019

Gold fell on Tuesday as risk appetite improved on bets China and the United States may be closing on a trade deal, and as the dollar bounced off a 2-1/2-month low hit in the previous session.
Spot gold was down 0.5 percent at $1,282.70, as of 0516 GMT, while U.S. gold futures were 0.5 percent lower at $1,283.50 per ounce.
"Because of improved investor sentiment, gold is coming off its highs and may have to stay around the current levels," said Mark To, head of research at Wing Fung Precious Metals in Hong Kong.
"The market has been troubled by uncertainties around trade war and interest rate hikes. However, now most of the stake holders, including the authorities in U.S., China and Fed, are trying to cooperate and put up a positive tone and create a stable environment for investors."
Most Asian shares were propped up on Tuesday by hopes that Washington and Beijing may be inching towards a trade deal after positive comments from U.S. Commerce Secretary Wilbur Ross.
"A lot of people had gone long in gold as they bet that economic growth in U.S. and China might slow down due to the trade war," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.
"If there are positive outcomes (in the trade talk) there could be some profit taking (in gold)."
The dollar index was up 0.3 percent, moving away from a 2-1/2-month low hit in the previous session after U.S. Federal Reserve chief Jerome Powell hinted on Friday that the central bank could pause its multi-year rate-hike cycle.
Gold is declining as the dollar is showing early signs of shaking off its recent bout of Fed-induced weakness, said Stephen Innes, APAC trading head at OANDA.
"However, the positive chatter around U.S.-China trade tensions will temper expectations (for the dollar)," Innes said.
A weaker dollar makes dollar-denominated gold more affordable for buyers using other currencies.
Gold prices have gained about 11 percent since hitting a more than 1-1/2-year low in mid-August due to tumultuous stock markets and a slightly weaker dollar. Bullion prices hit their highest since June 2018 at $1,298.42 on Friday.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, saw a bit of outflows on Friday. But, holdings are still at their highest since August 2018, underpinning demand for the safe-haven metal.
Palladium, meanwhile, rose 0.1 percent to $1,301 an ounce, but was still in the vicinity of the record high of $1,313.24 hit in the previous session. The metal was trading at a premium to gold.
Silver edged 0.6 percent lower to $15.55 per ounce, while platinum fell 0.8 percent to $815.50, having hit its highest in more than a month at $831.10 on Monday.
Source: Reuters


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