Upbeat US economic data boosted the greenback, while mounting concern over a slowdown in global growth has offered support to the safe-haven metal
Bengaluru — Gold prices hit a two-week low on Friday as upbeat US economic data boosted the dollar, while mounting concerns over a slowdown in global growth offered support to the safe-haven metal.
“Gold is still fundamentally supported for the longer term despite the bearish pressures we see for now due to slight rise in bond yields and a firm dollar,” said Benjamin Lu, an analyst with Singapore-based Phillip Futures.Higher yields can translate into more demand for the dollar since the currency is used to buy bonds, a traditional safe haven, eroding bullion’s appeal.
Also, Japanese manufacturing activity contracted in February at the fastest pace in two-and-a-half years as factories cut back output amid shrinking domestic and export orders, a revised survey showed on Friday. Reflecting a drop in bullion prices, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.52% on Thursday.
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