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Gold Drifts as Stocks Rise, Brexit Turmoil Continues


Wednesday, 16 January 2019 19:00 WIB

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Gold lacked a clear direction, holding the tight range that it’s been stuck in so far this year, as investors weighed the U.K.'s fallout over Brexit against global stock market gains.

Spot gold unchanged at $1,289.51/oz while Bloomberg Dollar Spot Index edged 0.1% up.

Bullion rallied in the final month of 2018 on stock market turmoil and speculation the Federal Reserve would pause in raising rates, but has struggled to sustain momentum in January. The metal hasn’t breached $1,300 since futures briefly traded above that key psychological level earlier this month.

Stocks in Europe gained along with U.S. futures as investors assessed prospects for policy makers to arrest a slowdown in global growth.  Gold benefited in December when stock markets tumbled when fears over slowing growth were at their peak. 

Source: Reuters


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