Bullion sags as the dollar firms and global equity markets hold near a five-month crest, making bullion less appealing for investors
A shop assistant arranges gold accessories at a gold store in Lin'an, Zhejiang province,China. Picture: REUTERS
Spot gold fell 0.1% to $1,284.63/oz by 10.54am GMT, close to its lowest since January 25 at $1,282.50, hit in the previous session.The dollar stood within striking distance of a two-week high against peers on uplifting signs from the US economy and higher treasury yields. “We have had such a strong rally [in gold] since last August and now we are having the first major setback. That has attracted some profit-taking and long liquidations both in futures and exchange-traded funds.”The primary driver to gold’s downward momentum of late are expectations that the US and China will soon agree a trade deal, said ActivTrades chief analyst Carlo Alberto De Casa.
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