MEDIA COVERAGE
Read our articles on leading financial websites
Gold remains steady
Commodities
07/05/2019

Gold remains steady

Gold prices have partially retreated from long-term highs but remain steady in general, as a number of factors are driving flows into the precious metal.

Gold prices have partially retreated from long-term highs but remain steady in general, as a number of factors are driving flows into the precious metal. The bullion is trading marginally lower for a third day in a row, staying above $1,400 after a major one-day rally earlier this week.

The yellow metal registered six-year highs ten days ago, with the prices are rising for a seventh week in a row. The steady recovery from lows below $1,270 may continue at least in the near term as risk sentiment remains unstable. Despite the US and China agreed to resume trade talks, investors doubt that the two countries will be able to strike a deal any time soon. Besides, tensions between the US and Iran persist.

Also, gold is getting more attractive to investors amid expectations of a more dovish approach to monetary policy by global central banks. In this context, the US NFP employment report due later today will be important both for the greenback and gold prices. Disappointing figures could put the USD under pressure and drive the bullion higher. But considering extremely weak results for May, there could be a decent recovery in employment, which could trigger some profit-taking with the initial target at $1,407.

Top