Metal is steady after a pause in a global equities rally provided support, while the firm dollar caps further gains
Gold granulate is seen at a plant of gold refiner and bar manufacturer Valcambi in the southern Swiss town of Balerna. Picture: REUTERS/MICHAEL BUHOLZER
“Gold is firming after the sharp fall as competing influences of the interest bearing assets are reversing. Bond yields have started to weaken gently, and while the dollar is going up, equities are seeing headwinds,” said Benjamin Lu, an analyst with Singapore-based Phillip Futures. While a series of robust data from the US has strengthened the dollar, the US Federal Reserve's patience on policy is nowhere close to running out.
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