Gold prices edges lower on stronger US dollar,stockshttps://indianexpress.com/article/news-archive/web/gold-prices-edges-lower-on-stronger-us-dollar-stocks/

Gold prices edges lower on stronger US dollar,stocks

Gold prices edged lower on Friday as the dollar and equities regained momentum after a volatile trading session.

Gold prices edged lower on Friday as the dollar and equities regained momentum after a volatile trading session the day before,and as holdings in bullion-backed exchange-traded funds fell to fresh four-year lows.

FUNDAMENTALS

* Spot gold prices fell 0.17 percent to $1,388.36 an ounce by 0030 GMT,not far off two-year lows of $1,321.35 seen in mid-April.


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* US gold fell 0.31 percent to $1,387.5.

* Gold prices rose as much as 2 percent to $1,397.35 on Thursday as investors sought its safe-haven status after the dollar and equity markets were hit by factory data from China and the United States that showed the pace of manufacturing had slowed.

* Concerns over the timing of a wind-down in the US stimulus programme also lingered even as Federal Reserve Chairman Ben Bernanke said the economy had to show more signs of progress before monetary easing could be halted.

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* SPDR Gold Trust,the world’s largest gold-backed exchange-traded fund,said its holdings fell 0.15 percent to four-year lows of 1018.57 tonnes on Thursday.

MARKET NEWS

* Japan’s Nikkei share average regained ground on Friday after a 7.3-percent dive in the previous session,its biggest one-day percentage drop in two years after weak Chinese factory data spooked investors.

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