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REUTERS
May 18, 2018

Gold rises

Business

REUTERS
May 18, 2018

Bengaluru : Gold prices made modest gains on Thursday after touching their lowest level this year in the previous session, amid geopolitical uncertainty and a slightly weaker U.S. dollar.

Spot gold had risen 0.25 percent to $1,293.43 per ounce by 0255 GMT, after marking its lowest since Dec. 27 in the previous session at $1,286.20. U.S. gold futures for June delivery were 0.1-percent higher at $1,292.80 per ounce.

The dollar slipped versus major rivals on Thursday after it hit a 2018-peak overnight, while the euro hovered near a five-month low on concerns that political developments in Italy could cause wider disruptions in the common currency bloc.

"The tug-of-war between risk appetite and dollar-strength will be key in determining how gold may move. We have already seen some potential safe-haven buying given the potential breakdown in U.S.-Pyongyang talks, despite a stronger greenback," said OCBC analyst Barnabas Gan.

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