LONDON: Gold steadied on Thursday as the other markets showed signs of stabilising, but remained on track for its biggest monthly rise since February in the wake of last week’s vote in Britain on quitting the European Union.
Spot gold was at $1,318.71 an ounce at 1330 GMT, little changed from $1,318.51 late on Wednesday, while US gold futures for August delivery were down 0.4 per cent at $1,321.50.
Profit taking and a lack of physical demand is keeping gold hemmed in, Afshin Nabavi, head of trading at MKS, said.
“Gold is making a solid base around $1,300-1,305,” he said. “$1,300-1,350 seems to be the current range. If it can hold here a few more days, we may see physical demand kick in.”
Holdings of New York-listed SPDR Gold Shares rose by 2.7 tonnes on Wednesday to the highest level in three years.
Silver was 0.6pc higher at $18.42 an ounce on Thursday, having earlier hit a fresh 17-month high of $18.47.
The metal rallied nearly 3pc on Wednesday, taking the gold-silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, to its lowest in nearly nine months at 71.9.
Among other precious metals, platinum was flat at $1,003.25 an ounce, while palladium was 0.6pc higher at $588.71.
0 comments:
Post a Comment