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Gold prices yesterday held on to the previous session’s gains, as fading hopes for progress in US — China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US Federal Reserve.
Spot gold rose 0,4 percent to $1 510,50 per ounce as of 0723 GMT, and stood its ground above $1 500 after jumping as much as 1 percent in the previous session. US gold futures gained 0.8 percent to $1 516,20 per ounce.
“The market is holding back, and looking at what’s going to happen in the US – China trade talks today . . . If the trade dispute turns worse, we are going to expect some strong risk-off trade,” said Phillip Futures analyst Benjamin Lu. — Reuters.
Bongani Ndlovu
Online Reporter