Gold prices steady as safe-haven trade offsets Us dollar gains

By: | Published: March 23, 2016 7:27 AM

Spot gold prices was steady on Wednesday, with the impact of a stronger dollar offsetting a slight swell in the metal's safe-haven appeal after the bomb attacks in Belgium.

goldThe arrest of an Iranian gold trader whom Turkish prosecutors placed at the heart of a Turkish government graft scandal two years ago hit shares in a state-run bank on Tuesday and raised opposition hopes that new light would be shed on a case it said was covered up. (Reuters)

Spot gold prices was steady on Wednesday, with the impact of a stronger dollar offsetting a slight swell in the metal’s safe-haven appeal after the bomb attacks in Belgium.

Spot gold was trading flat at $1,248.20 an ounce by 0034 GMT, with trade expected to wind down ahead of the Easter holiday which starts on Friday. Prices have been trading in a narrowing band of $1,240-$1,270 for the past week. U.S. gold was also flat at $1,248.90.

The U.S. central bank has become so cautious about raising interest rates at even a moderate pace that the once-fringe preference of one of its most dovish policymakers for super-slow interest-rate increases has gone mainstream.

Venezuela exported about 443 million Swiss francs ($456 million) worth of gold to Switzerland in February, data showed on Tuesday, as the South American country’s central bank carried out swaps to receive cash due to a biting economic crisis.

The arrest of an Iranian gold trader whom Turkish prosecutors placed at the heart of a Turkish government graft scandal two years ago hit shares in a state-run bank on Tuesday and raised opposition hopes that new light would be shed on a case it said was covered up.

Switzerland became a net importer of platinum once again in February, data from the Swiss customs bureau showed on Tuesday, as shipments from major producer South Africa ticked up.

Platinum traded up 0.5 percent at $993.55, while palladium was little changed at $602.65.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition