PRECIOUS-Gold scales more than one-week high as dollar wilts

By Kitco News / April 09, 2019 / www.kitco.com / Article Link


* Dollar dips to lowest in more than a week
* China, Turkey raise gold holdings
* SPDR gold holdings drop for 6th straight session
* Platinum hovers below 10-month peak hit on Monday (Updates prices)By Sumita LayekApril 9 (Reuters) - Gold rose on Tuesday to its highest inmore than a week, supported by a retreating dollar and increasedbuying by central banks.Spot gold was up 0.6 percent at $1,304.37 per ounceat 1251 GMT, having hit its loftiest since March 28 at$1,306.04. U.S. gold futures were up 0.6 percent at$1,309.7 an ounce."Seeing something of a correction in the U.S. dollar, whichhas been helpful laterally. Gold seems to have found a floor,"said Ross Norman, chief executive at Sharps Pixley.Central banks had extended 2018's record levels of goldbuying into this year, he said. "So every day there may be smalland minor countries with modest amounts to buy, but collectivelyit tells you something."The dollar index fell to its lowest in more than aweek on Tuesday following subdued U.S. data and gains incommodity-linked currencies driven by surging oil prices. Gold is considered a hedge against oil-led inflation.New orders for U.S.-made goods fell modestly in Februaryafter non-farm payrolls data last week signalled a slowdown inwage growth."The decline in wage inflation takes the pressure off theU.S. Federal Reserve and lets it remain dovish and delay ratehikes or maybe switch gears, and that's supportive for gold,"said Ilya Spivak, senior currency strategist at DailyFX.Investors are awaiting minutes of the Fed's March meeting,due on Wednesday. China, the world's biggest gold consumer, raised its goldreserves for a fourth straight month in March, when Turkey alsoincreased its holdings.But holdings of the world's largest gold-backedexchange-traded fund, SPDR Gold Trust , fell for a sixthstraight session to 760.49 tonnes on Monday. Among other precious metals, spot platinum slipped0.9 percent to $896.92 per ounce, after touching its highestsince the end of May last year in the previous session.Palladium was up 0.2 percent at $1,386.53 an ounce,while silver gained 0.2 percent at $15.28. (Reporting by Sumita Layek and K. Sathya Narayanan inBengaluru; editing by John Stonestreet and Dale Hudson)

Outside U.S. +91 8067491638; Reuters Messaging:Sumita.Layek.thomsonreuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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