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L{ive News Update ;
Gold inches up as Italy crisis drives safe-haven buying
Gold prices edged up on Wednesday as political turmoil in Italy and concerns over Sino-U.S. trade conflict spurred safe-haven demand, though a strong dollar limited gains for the metal.
Spot gold XAU= was 0.1 percent higher at $1,298.86 per ounce by 0349 GMT.
U.S. gold futures GCcv1 for June delivery were nearly unchanged at $1,298.80 per ounce.
Rising political uncertainty in Italy and growing U.S.-China trade tensions should see gold holding a bid, said Stephen Innes, APAC trading head at OANDA.
"But with the yellow metal's sensitivity to the U.S. dollar on full display, it is unlikely gold will move significantly higher until we reach the EU 'Crisis Zone' which we are nowhere near at this stage."
The dollar index .DXY , which measures the greenback against a basket of six major currencies, hovered near its 6-1/2 month peak touched in the previous session.
Further supporting gold was a slide in Asian stocks, which extended a global sell-off on Wednesday as Italy's political crisis rippled across financial markets. MKTS/GLOB
Investors fear that repeat elections in the euro zone's third-largest economy - which could come as soon as July - may become a de-facto referendum on Italian membership of the currency bloc and the country's role in the European Union. the United States said on Tuesday that it still holds the threat of imposing tariffs on $50 billion of imports from China and will use it unless Beijing addresses the issue of theft of American intellectual property. is often seen as a safe investment during times of political and financial uncertainty.
Holdings of SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, rose 0.35 percent to 851.45 tonnes on Tuesday. GOL/ETF
In other precious metals, spot silver XAG= was down 0.1 percent at $16.34 an ounce.
Platinum XPT= fell 0.3 percent to $901.20 an ounce and palladium XPD= was 0.5 percent lower at $974.05.
Call@9719026661
www.RoyalTraders.co
Best Accuracy For Royal Traders
L{ive News Update ;
Gold inches up as Italy crisis drives safe-haven buying
Gold prices edged up on Wednesday as political turmoil in Italy and concerns over Sino-U.S. trade conflict spurred safe-haven demand, though a strong dollar limited gains for the metal.
Spot gold XAU= was 0.1 percent higher at $1,298.86 per ounce by 0349 GMT.
U.S. gold futures GCcv1 for June delivery were nearly unchanged at $1,298.80 per ounce.
Rising political uncertainty in Italy and growing U.S.-China trade tensions should see gold holding a bid, said Stephen Innes, APAC trading head at OANDA.
"But with the yellow metal's sensitivity to the U.S. dollar on full display, it is unlikely gold will move significantly higher until we reach the EU 'Crisis Zone' which we are nowhere near at this stage."
The dollar index .DXY , which measures the greenback against a basket of six major currencies, hovered near its 6-1/2 month peak touched in the previous session.
Further supporting gold was a slide in Asian stocks, which extended a global sell-off on Wednesday as Italy's political crisis rippled across financial markets. MKTS/GLOB
Investors fear that repeat elections in the euro zone's third-largest economy - which could come as soon as July - may become a de-facto referendum on Italian membership of the currency bloc and the country's role in the European Union. the United States said on Tuesday that it still holds the threat of imposing tariffs on $50 billion of imports from China and will use it unless Beijing addresses the issue of theft of American intellectual property. is often seen as a safe investment during times of political and financial uncertainty.
Holdings of SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, rose 0.35 percent to 851.45 tonnes on Tuesday. GOL/ETF
In other precious metals, spot silver XAG= was down 0.1 percent at $16.34 an ounce.
Platinum XPT= fell 0.3 percent to $901.20 an ounce and palladium XPD= was 0.5 percent lower at $974.05.
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