Gold prices steady after oil rally

Dhaka,  Sat,  23 September 2017
Published : 01 Dec 2016, 10:34:12

Gold prices steady after oil rally

Gold prices steady after oil rally
Gold was little changed on Thursday after dipping to its lowest since February in the previous session, with the dollar holding around 9-month highs against the yen after a rally in oil prices.

Spot gold was mostly unchanged at $1,172.24 an ounce by 0046 GMT. The metal hit its lowest since Feb 8 at $1,170.35 in the previous session.

US gold futures were flat at $1,170.90 per ounce.

The US dollar was broadly firm, hitting 9-1/2 month highs against the yen as oil prices surged after OPEC agreed to output cuts - lifting inflation expectations and US bond yields.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.13 per cent to 883.86 tonnes on Wednesday from 885.04 tonnes on Tuesday, according to a news agency report.

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