Gold edges up, holds near 2-month peak; investors hedge against risks in thin-volume trade

Spot gold rose 0.3 percent to $1,514.56 per ounce by 0112 GMT. Prices hit their highest since 1 November at $1,515.09 on Friday.

Reuters December 30, 2019 11:08:27 IST
Gold edges up, holds near 2-month peak; investors hedge against risks in thin-volume trade
  • Gold prices have risen about 18 percent this year, mainly due to the 17-month-long Sino-US tariff war and its impact on global economic growth

  • Investors also kept a close eye on developments regarding a trade agreement between Washington and Beijing after Trump last week said there would be a signing ceremony for the first phase of the deal

  • Indicative of investor sentiment, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.1 percent to 893.25 tonnes on Friday from 892.37 tonnes on Thursday

Gold prices inched up on Monday, holding below a near two-month peak hit in the previous session, as investors hedged against risks in thin year-end trading after US military strikes in the Middle East.

Spot gold rose 0.3 percent to $1,514.56 per ounce by 0112 GMT. Prices hit their highest since 1 November at $1,515.09 on Friday. US gold futures were unchanged at $1,517.50.

Gold prices have risen about 18 percent this year, mainly due to the 17-month-long Sino-US tariff war and its impact on global economic growth.

US officials said on Sunday that airstrikes in Iraq and Syria against an Iran-backed militia group were successful, but warned that “additional actions” might still be taken in the region to defend US interests.

Gold edges up holds near 2month peak investors hedge against risks in thinvolume trade

Representational image. Reuters

President Donald Trump was briefed by his top national security advisers on the airstrikes against what U.S. officials said was an Iran-sponsored group in Iraq and Syria, Secretary of State Mike Pompeo said.

Investors also kept a close eye on developments regarding a trade agreement between Washington and Beijing after Trump last week said there would be a signing ceremony for the first phase of the deal.

Indicative of investor sentiment, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.1 percent to 893.25 tonnes on Friday from 892.37 tonnes on Thursday.

Gold prices flipped to a premium last week in India due to limited supplies even as demand remained subdued, while other Asian regions barely saw any holiday purchasing.

Among other precious metals, silver rose 0.9 percent to $17.91 per ounce, while platinum climbed 0.8 percent to $952. Palladium edged 0.2% higher to $1,909.19 per ounce.

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