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Gold Drifts After Brushing Off EU Elections, Trade War


Tuesday, 28 May 2019 17:45 WIB

GOLDEMAS


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Gold traded in a narrow range between $1,280 to $1,290 an ounce, with neither the recent EU election results nor the failure of the U.S. and China to agree a trade deal sparking a price reaction from the precious metal.

Spot gold -0.1% to $1,283.86/oz. Bloomberg Dollar Spot Index +0.1%, rising for a second day.

Sentiment has been ebbing away from gold, with holdings of exchange-traded funds backed by the metal on a downward trend since the end of January. The net-long position among investors has shortened, according to the latest Commodity Futures Trading Commission data.

The strength of the dollar, which has tracked steadily higher over the last few months, has been the main drag on gold, despite geopolitical turbulence.

Source : Bloomberg


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