Gold edges lower, takes a breather after touching fresh 6-year peak

Thursday, 18 July 2019 19:52 WIB



Gold futures were trading little changed on Thursday after the precious commodity notched a fresh six-year high Wednesday, prompted by a cocktail of lower debt yields, a pause in dollar strength and bullish comments from a prominent hedge-fund investor.

August gold trading on Comex edged $1.20, or 0.1%, at $1,422 an ounce, after it jumped $12.10, or 0.9%, on Wednesday, notching its highest finish for a most active contract since May 14, 2013, FactSet data show. Prices took a leg slightly higher before pulling back in Asia hours in electronic trading shortly after the Beige Book, showed that trade U.S.-China tensions were continuing to buffet businesses in the Federal Reserve’s districts.

On Thursday, the U.S. dollar was little changed at 0.2%, at 97.192, while the 10-year Treasury note fell to yield 2.05%, but not far from its Wednesday level. Those dealings represent a moderation of an environment that had been upbeat for strong price gains because fading bond yields and a weaker dollar tend to encourage bids for bullion.

Source : MarketWatch


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