Gold Retreats

Written by  Published by:Pakistan Views Saturday, 20 February 2016 19:30

LONDON: Gold eased on Friday as investors cashed in some of the previous day’s 2 per cent gains, though expectations that rock-bottom interest rates will persist served to keep prices above $1,225 an ounce.

Spot gold was $1,229.60 an ounce at 1440 GMT, down 0.2pc, while US gold futures for April delivery gained 0.3pc to $1,230.30.

Prices remain up nearly 16pc so far this year, with turmoil in the wider financial markets fuelling interest in the metal as a store of value while reducing the likelihood of further interest rate rises by the US Federal Reserve.

That is continuing to underpin gold as it consolidates below last week’s one-year high of $1,260.60.

Gold tends to benefit from lower interest rates, which cut the opportunity cost of holding non-yielding assets. Holdings of the world’s top gold ETF, SPDR Gold Shares , rose a further 0.38pc to 713.63 tonnes on Thursday.

Silver was down 0.2pc at $15.38 an ounce, while platinum was flat at $943 and palladium rose 0.4pc to $503.87.

Rating: 5 Read 1088 times

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

Pakistan Views - National & International News Portal (Pakistan Views) stands as a website enlightening the masses with all information related to current affair, entertainment, sports, technology, etc. It has been brought into existence to ensure that voice of Pakistan reaches the masses. Ensuring that a true picture of Pakistan is portrayed in the right manner to the world. The website is to bring forth the real picture of Pakistan negating avenues of Terrorism and Non-State Actor.