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MTECHTIPS;- Gold rises on softer dollar, global uncertainties

Friday, March 15, 2019 2:29

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MTECHTIPS;- Gold rises on softer dollar, global uncertainties

MTECHTIPS-Gold prices rose on March 15, recovering from the previous session’s sharp fall, as the dollar dipped and mounting concerns about a slowdown in global economic growth boosted demand for the safe-haven bullion. Spot gold had gained by 0.2 percent to $1,297.95 per ounce, as of 0454 GMT, after shedding about 1 percent the day before. U.S. gold futures were up 0.2 percent at $1,297.80 an ounce. The dollar slipped 0.1 percent against major currencies, and was on track for its biggest weekly loss since early December. “The dollar has weakened and gold as a safe-haven asset has seen support from Brexit uncertainty. As long as gold can hold the $1,290 level, it can reach the first level of $1,302 and then $1,310,” said =director at Commodities in Mumbai “The support we are now seeing at $1,290 shows that as long as there is lack of clarity on the (Brexit) deal, gold should be holding well.” British lawmakers voted on Thursday to seek a delay in Brexit, setting the stage for Prime Minister Theresa May to renew efforts to get her divorce deal approved by the parliament next week.

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