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Gold rebounds as dollar pares gains


Wednesday, 18 April 2018 20:53 WIB

GOLDEMAS Spot EmasEmas berjangka


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Gold prices rebounded on Wednesday while the dollar and stocks pared gains, as upbeat U.S. economic data drives higher demand for riskier assets.

Spot gold was up 0.38 percent at $1,352.36 per ounce at 8:42 a.m. ET, while U.S. gold futures for June delivery rose 0.44 percent at $1,355.80 per ounce.

The dollar index, which measures the greenback against a basket of currencies, pulled away from a three-week low reached on Tuesday, lifted by stronger-than-expected March U.S. housing starts and steady industrial production figures. A stronger greenback makes dollar-priced gold costlier for holders of other currencies.

Robust earnings from Netflix, Morgan Stanley and Goldman Sachs this week dented non-interest yielding gold and lifted stocks.

Meanwhile, spot silver jumped 1.8 percent to $17.05 per ounce, after touching a one-week high of $16.83 earlier in the session. Platinum gained 1.21 percent to $947.30 per ounce, hitting the highest level in at least three weeks.

Palladium rose 2.38 percent to $1,033.99 per ounce, having touched its highest level since March 1.

Source: CNBC


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