Bullion loses ground, but concern about global economic slowdown after weak US jobs data keeps the safe-haven metal close a more than one-week high
Gold bars are seen at the Kazakhstan's National Bank vault in Almaty, Kazakhstan. Picture: REUTERS/MARIYA GORDEYEVAGold prices inched lower on Monday as the dollar firmed, but concern about global economic slowdown further increased by poor US jobs data kept the precious metal pinned at near a more than one-week peak level.
The dollar rose 0.1% against major currencies and traded close to its near two-month peak, making gold costly for holders of other currencies. “Structurally gold is well positioned to move higher over the coming months. As the world economy continues to slow and uncertainty increases, it is going to be supportive for gold,” he said.Limiting gold’s losses, however, were weaker equity markets, which struggled for traction after US employment data on Friday raised doubts about the strength of the global economy.
“Bullion’s appeal though dented by robust US dollar prospects will stand tall amidst a decelerating global economy in 2019,” Phillip Futures said in a note adding gold will stay firm as the UK prepares for key votes on the Brexit deal.
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