Gold futures scratched higher Thursday, reflecting bullish investors’ attempt to stop this week’s slide — a move that drove the metal to 2019 lows — at three sessions.
The yellow metal fell on Wednesday on the back of a steady dollar and mixed trading this week among U.S. benchmark stock indexes though with equities approaching a fresh stab at record highs. Stock futures were pointing lower Thursday, however. Some uncertainty hung over financial markets, a potential short-term boon for haven gold, as a redacted report from the Mueller investigation on the Trump campaign’s Russian relationships was due to be released Thursday morning.
Gold was underpinned in part as surveys issued Thursday showed that eurozone businesses logged unexpectedly slower growth again, data that convinced most market participants that the European Central Bank can maintain easy monetary policy. Gold, as a nonyielding asset, tends to drop when central banks raise interest rates, and vice versa.
In recent trading, gold for June delivery on Comex was up $1, or less than 0.1%, at $1,277.80 an ounce. The settlement at $1,276.80 marked the lowest finish for a most-active contract since Dec. 26, according to FactSet data. Gold is down more than 1% in the week so far.
Source : Market Watch