Precious metal has lost about 1.81% in March, but on a quarterly basis is set for a second straight rise on global slowdown fears and dovish US Federal Reserve
Bengaluru — Gold slipped on Friday and was headed for its worst month since August 2018 as the dollar and equities rose, while palladium bounced back after three straight sessions of sharp selloffs.
The metal is set for its first weekly fall in four and has lost about 1.81% in March. But on a quarterly basis, gold is on path for a second straight rise, due to a dovish US Federal Reserve and concerns about a global economic slowdown.The dollar was poised for its strongest monthly gain in five, while Asian shares rose on hopes that Washington and Beijing are making progress in trade talks.
“If we have a positive outcome from the trade talks, gold will be under pressure as investors will rotate out into more risk seeking assets,” said Jeffrey Halley, a senior market analyst with Oanda. White House economic adviser Larry Kudlow said on Thursday the US could lift some tariffs on China, while leaving others in place as part of an enforcement mechanism on a trade deal.
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