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Gold edges lower as improved risk sentiment dents safe-haven demand

Gold edges lower as improved risk sentiment dents safe-haven demand

May 17, 2019


Gold extended its losses on Friday, following its biggest one-day per centage loss in a month in the previous session on a firmer dollar and as a strong US data, corporate results boosted investor appetite for riskier assets.




Spot gold was down 0.1 per cent at $1,285.19 per ounce at 0101 GMT.


US gold futures were 0.1 per cent lower at $1,285.10 an ounce.


Gold fell 0.8 per cent on Thursday, its biggest one-day per centage decline in a month after risk sentiment improved.


US stock indexes extended gains on upbeat earnings as well as robust economic data that underlined the strength of the domestic economy. Meanwhile, the dollar index rose to its highest level in nearly two weeks against a basket of currencies.The pullback in risk aversion lifted treasury yields. The rise in yields underpinned the US dollar.A stronger dollar makes gold more expensive for holders of non-US currency.


The US housing data showed homebuilding increased more than expected in April, while unemployment benefits fell more than expected last week, pointing to sustained labour market strength that should underpin the economy.


A US bid to block China's Huawei Technologies from buying vital American technology threw into question prospects for sales at some of the largest tech companies and drew a sharp rebuke from Beijing, further ratcheting up tensions over trade.


Early in the week, spot gold prices rose 1.1 per cent, registering their best one-day per centage gain in nearly three months after China announced that it would impose retaliatory tariffs on a range of US goods.


One of the most popular questions at mining conferences is what is your top metal and why are you bullish on it. The clear winner so far this year is gold.Africa-focused gold miner Metallon Corporation is demanding nearly $132 million it says it is owed by Zimbabwe's central bank, legal documents showed on Thursday, as the country's mining sector grapples with a severe dollar crunch.


Higher prices for industrial precious metals palladium and platinum have boosted earnings at Sibanye-Stillwater, enabling the miner to repay debt and plan to resume dividends next year, its chief executive Neal Froneman said.


Canada's Iamgold Corp IMG.TO is exploring a possible sale of all or parts of the gold miner business, Bloomberg reported on Thursday, citing people familiar with the matter.Azerbaijan's leading gold mining company, Anglo Asian Mining AAZ.L, said on Thursday its gold output rose 22 per cent in 2018 to 72,798 ounces from 59,617 ounces in 2017.


Source: https://economictimes.indiatimes.com/m