Speculators slashed their bullish bets in Comex gold in the week to April 2, data showed on Friday
Ingots of 99.99% pure gold are placed on a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia, in this November 22 2018 file photo. Picture: REUTERS/IlLYA NAYMUSHIN
Spot gold gained 0.4% to $1,297.02 per ounce by 10.19am GMT, having earlier touched its highest since March 29 at $1,297.86."The market is just getting a little bit of confidence back after once again failing to break lower last week," said Saxo Bank analyst Ole Hansen. A rally in stocks, which has capped gold's gains recently, paused, while the dollar was down 0.2% against key rivals, making bullion cheaper for holders of other currencies.
"The technically important 100-day moving average held firm late last week, as it did in early March, thereby lending support to the price."
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