Gold on track for longest string of weekly gains since Jan ( MCX HNI CALLS) WWW.TRADEMAXINDIA.COM CALL@ (8218997961/8218995526)


Gold prices held steady on Friday but remained on track to rise for the fourth straight week, the longest string of weekly gains since January, amid increasing worries over the outlook for U.S. corporate earnings and global economic slowdown.

Asian shares slipped again on Friday morning, despite a bounce on Wall Street overnight. MKTS/GLOB

Spot gold XAU= was little changed at $1,231.76 an ounce at 0416 GMT. It was up 0.5 percent for the week. U.S. gold futures GCcv1 were up 0.2 percent at $1,234.60 an ounce.

“This (Friday’s slow trading) is just a temporary lull in a more structural move higher in the coming days… Over the last 24 hours, the rebound in equity markets probably just has held off the impetus that we saw,” ANZ analyst Daniel Hynes said.

Political and economic uncertainties including tensions between Saudi Arabia and the West, uncertainty surrounding Italy’s budget, and Brexit among others are likely to push gold prices higher in the medium term, he added.

Gold prices have gained about 6 percent after falling in mid-August to their lowest since January 2017 at $1,159.96 an ounce.

However, the yellow metal has declined about 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.





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