Gold steady in Asian trade

Dhaka,  Tue,  06 December 2016
Published : 23 Nov 2016, 13:29:30

Gold steady, silver, platinum rise in Asian trade 

Gold steady in Asian trade
Gold stuck to a narrow range in Asian trade on Wednesday ahead of release of minutes from the Federal Reserve policy meeting earlier this month.

Spot gold was unchanged at $1,212.45 an ounce by 0626 GMT. In the previous session, the metal eased 0.15 per cent, hurt by strong equities. 

US gold futures rose 0.1 per cent to $1,212.40 per ounce.

Analysts cautioned that higher interest rates and a more positive sentiment in equity markets could weigh further on gold prices.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.42 per cent to 904.91 tonnes on Tuesday. 

Holdings have dropped 4.0 per cent so far this month.

Spot gold looks neutral in a range of $1,204-$1,222 per ounce, and an escape could indicate a direction, according to an analysis.

Silver was up 0.2 per cent to $16.66 per ounce and platinum was 0.56 per cent higher at $942.20.

Palladium was down 0.14 per cent at $739.00, after touching its best since early June at $749.40 in the previous session, according to a news agency report.

-SRS-
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