Gold pares losses from 19-month low as US dollar softens on reports of Beijing to hold talks with Washington
6 years, 4 months ago

Gold pares losses from 19-month low as US dollar softens on reports of Beijing to hold talks with Washington

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Spot gold was down 0.2 percent at $1,172.48 an ounce as of 0426 GMT, after earlier falling as much as 1.2 percent to $1,159.96, its lowest since January 2017. Bengaluru: Gold pared heavy early losses that came in the midst of a broad commodity sell-off on Thursday, bouncing off of a 19-month low on short covering and a softer US dollar following news that Beijing will hold trade talks with Washington this month. Stop-loss selling early in the session pushed prices sharply lower, and it has recovered since on short-covering and physical buying, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. In other precious metals, spot silver rose 0.1 percent at $14.44 an ounce after earlier hitting the lowest since February 2016 at $14.30.

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