Tuesday 23 April 2019

Gold steadies as strong equities counter support from U.S.-Iran jitters

Gold prices steadied on Tuesday as strong equities provided a risk-conducive backdrop for investors, countering support from geopolitical concerns as Washington ends sanctions waivers on Iranian oil.

Spot gold was nearly unchanged at $1,275.10 per ounce as of 0319 GMT. U.S. gold futures were also steady at $1,277.20 an ounce.

"Gold is currently trying to find a short-term bottom around $1,274-1,275 an ounce level, especially as equity markets continue to rally," said Margaret Yang, an analyst with CMC Markets in Singapore.

Asian shares hover near a nine-month peak touched last week while stocks on Wall Street were near break-even on Monday as the benchmark S&P 500 index was about 1 percent away from the record high hit in September.

Strong equities of late have wiped off much of gold's appeal, with the metal now more than 5 percent below its 2019 peak touched in February.

MCX Commodity Live Tips

0 comments:

Post a Comment