Gold hits over four-month high as dollar index slumps to three-year lows
Gold prices edged higher on Tuesday to hold just below a four-month high touched in the previous session, supported by a weaker dollar languishing near three-year lows.
United States gold futures rose 0.5% to $1,341/oz.
Spot gold was down 0.2 per cent at US$1,337.04 an ounce by 1.35pm EST (1835 GMT), off Monday's US$1,344.44 peak. U.S. gold futures were up 0.4 per cent at $1,340.80 an ounce.
Gold's move lower came after four consecutive days of gains due to the greenback's retreat, which made dollar-priced gold cheaper for holders of other currencies. "It's a little bit weird considering the divergence in monetary policy should play in favour of a stronger dollar", Capital Economics analyst Simona Gambarini said.
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ECB rate-setter Ardo Hansson on Monday said the central bank could end its bond purchase scheme in one go after September if the economy and inflation develop as expected.
"Our number suggests we are closer to a top (than) a bottom, a position we are comfortable with as we are not sure gold could withstand the higher yield environment going into next year, especially if the (weaker) dollar eventually reverses course". On Monday the dollar hit its lowest against the single currency since late 2014. "The main reason for the tight relationship between the dollar and gold is a lack of physical demand on the gold side in terms of ETFs (exchange-traded funds) and Indian and Chinese jewellery", said Carsten Menke, a Julius Baer commodity analyst. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 203,288 contracts in the data reported through Tuesday January 9th. Spot gold prices rose 1 percent on Friday after U.S. President Donald Trump said he would waive nuclear sanctions against Iran for the last time to give Washington and its European allies a chance to fix the "terrible flaws" of the 2015 nuclear deal.
Palladium marked a record-high of $1,138/oz on Monday. The metal had seen a sustained rally from high demand in the vehicle industry amid a supply deficit, analysts said.
Silver was down 1 per cent at US$17.17 an ounce, off the previous day's three-month high of US$17.42. Platinum was mostly unchanged at $993.15, after hitting its highest since September 11 at $998.50 on Friday.
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