Gold lingers near 2-month low, robust dollar weighs

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Published: October 1, 2019 7:32:05 AM

Spot gold was down 0.1% at $1,470.28 per ounce, at 0128 GMT. In the previous session, prices fell to their lowest since Aug. 6 at $1,463.99.

U.S. gold futures were up 0.3% at ,476.8 per ounce.U.S. gold futures were up 0.3% at ,476.8 per ounce.

Gold prices inched lower on Tuesday, hovering near the two-month low hit in the previous session, as uncertainties arising from the U.S.-China trade war bolstered the dollar.

FUNDAMENTALS
* Spot gold was down 0.1% at $1,470.28 per ounce, at 0128 GMT. In the previous session, prices fell to their lowest since Aug. 6 at $1,463.99.
* Spot gold had dipped about 1.6% on Monday.
* U.S. gold futures were up 0.3% at $1,476.8 per ounce.
* The dollar index against a basket of six major currencies was near a more than two-year high, while global share prices ticked up on Tuesday.
* China on Monday warned of instability in international markets from any “decoupling” of China and the United States, after sources said the Trump administration was considering delisting Chinese companies from U.S. stock exchanges.
* The U.S. House of Representatives’ impeachment probe into President Donald Trump intensified on Monday, as Trump raged about the inquiry and news reports suggested he had used additional diplomatic channels to go after his adversaries.
* Germany’s leading economic institutes have lowered their growth forecast for the economy for this year, sources told Reuters on Monday, adding to fears that a recession among export-driven manufacturers is spreading.
* Finance minister Sajid Javid pledged on Monday to prepare Britain for a no-deal Brexit, saying the “full armoury of economic policy” would be on hand if needed.
* European Central Bank (ECB) President Mario Draghi said in an interview published on Monday the ECB still had ammunition to use and added its extraordinary stimulus may need to continue for a long time in the absence of support from fiscal policy.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.22% to 920.83 tonnes on Monday from 922.88 tonnes on Friday.

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