“Gold prices edge up”

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Desks report
newsbd71.com
Dhaka : Gold prices edged up on Thursday, clinging to gains from the previous session when it rose 1.5 per cent to a two-week high, on a weaker dollar after the US Federal Reserve left interest rates unchanged.

The Federal Reserve said near-term risks to the US economic outlook had diminished, potentially leading to a resumption of monetary policy tightening this year.

However, the Fed gave no indication whether it would raise rates at its next meeting in September.

Spot gold inched up 0.2 per cent to $1,341.60 an ounce at 0715 GMT. Bullion on Wednesday touched a high of $1,342.18, its best since July 14.

US gold rose 1.1 per cent to $1,341.40 an ounce.

Gold prices may surpass the more-than-two-year high hit earlier this month and might test $1,400 levels, said V Hareesh, Research Head, Geojit BNP Paribas.

The dollar index, which tracks the greenback against a basket of six major rivals, fell 0.4 per cent to 96.637.

Earlier this week, it had risen as high as 97.569, its highest level since March.

In the wider markets, Asian stocks edged up on Thursday.

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Shares have seen an outflow of nearly 28 tonnes in the last three weeks.

Among other precious metals, palladium rose to a session high of $708 an ounce, its best since October.

Palladium has soared 18 percent so far in July, its best monthly performance in a near 8-1/2 years, as it catches up on gains made by other precious metals in the wake of the Brexit vote and benefits from greater demand for cyclical assets.

Platinum hit a fresh 14-month high on Thursday and gained 1.7 per cent at $1,151.80 an ounce. Silver climbed 0.3 per cent to $20.40 per ounce.

Newsbd71/mm/28 July, 2016

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