Showing posts with label OCBC. Show all posts
Showing posts with label OCBC. Show all posts

Thursday, 31 May 2018

Gold prices edge higher on weaker dollar, trade tensions

Gold prices edged higher on Thursday, as the dollar eased from 6-1/2-month highs hit earlier this week, with prices further supported by concerns over U.S.-China trade.

Spot gold was up 0.1 percent at $1,302.50 per ounce by 0344 GMT. It was headed for a monthly decline of about 1 percent, its biggest since February.

U.S. gold futures for June delivery were 0.1 percent higher at $1,303.20 per ounce.

"Gold is largely being influenced by how the dollar is moving and the dollar move overnight is a clear representation of why gold prices have risen this morning," said OCBC analyst Barnabas Gan.

The dollar index, which measures the greenback against a basket of six major currencies, fell 0.1 percent to 94.027.

A weaker dollar makes bullion cheaper for holders of other currencies.

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