[BENGALURU] Gold steadied near the US$1,800 level on Friday after a sharp fall in the previous session, as worries over surging coronavirus cases and US-China tensions underpinned its safe-haven appeal, although a stronger US dollar capped gains. Read more at The Business Times.
New York Fed president John Williams said it could take a few years for the US economy to recover from the damage caused by the pandemic, and it was not yet the time to think about raising interest rates.
"The bull's case for gold remains intact with real rates low and suppressed and which would be able to sustain the high price of gold. But with prices at yearly highs, buying the dips probably works out best for most traders as a trading strategy," Phillip Futures said in a note.
Elsewhere, palladium dropped 1.3 per cent to US$1,970.52 per ounce, while platinum was steady at US$824.17. Silver fell 0.6 per cent to US$19.05, but was on track for a sixth consecutive weekly rise.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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