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Gold ticks up on fund inflows

Tuesday, August 19 08:13:21

Gold snapped a two-day losing streak on Tuesday as geopolitical tensions and fund inflows boosted the safe-haven metal, but gains were kept in check by strength in equities and the dollar.

Spot gold rose 0.2 percent to $1,299.22 an ounce by 0632 GMT, after dropping 0.6 percent in the previous session. U.S. gold gained about $1 to $1,300.50.

Silver was steady on Tuesday after hitting a two-month low in the previous session. Palladium was not too far from a 13-year high, supported by worries over supplies from top producer Russia and strong demand prospects.

The firm's gold exchange-traded products saw $75.5 million of inflows last week, bringing the trailing four-week total to $282.6 million, the highest since August 2012, Laidler said.

Meanwhile, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 2.09 tonnes to 797.69 tonnes on Monday, the first inflow in nearly four weeks.

Gold has gained about 8 percent this year, largely because of geopolitical tensions as it is seen as a good alternative to riskier assets. Spot gold may rebound to $1,307, as it failed to break support at $1,296 per ounce, a Reuters technicals analyst said. (Reuters)

For more visit: www.businessworld.ie