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Gold Dips on Profit-Taking, Trade Uncertainties Cap Losses


Friday, 18 October 2019 18:08 WIB

GOLDEMAS


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Gold prices dipped on Friday as investors booked profit after the European Union forged a new Brexit deal with Britain, though a floor was kept under prices by uncertainties over trade negotiations and the global economy.

Spot gold edged down by 0.1% to $1,490.05 an ounce at 0722 GMT. U.S. gold futures fell 0.4% to $1,493.

“Considering the present uncertainties around the U.S.-China trade war and other geopolitical risks, gold still has potential upside,” said Hareesh V, head of commodity research at Geojit Financial Services, attributing the slight price dip to profit-taking.

The European Union backed a new Brexit deal with Britain on Thursday, prompting an uptick in Asian shares in early trade. However, gains were capped by disappointing economic growth data from China.

Source : Bloomberg


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