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PRECIOUS-Gold slips as strong dollar, bond rally offset boost from growth woes
* SPDR Gold holdings rise 0.5% on Wednesday
* Platinum falls to over 3-month lows (Updates prices)
By Sethuraman N R
May 30 – Gold prices fell to one-week low on Thursday as bonds rallied and the dollar hovered near a two-year high, offsetting the support for bullion from an increasingly bitter Sino-U.S. trade dispute that rekindled doubts about global economic growth.Spot gold was down 0.3% at $1,275.59 per ounce, as of 0715 GMT, after falling to its lowest since May 23 at $1,274.95.U.S. GCv1 edged 0.5% lower to $1,274.70 an ounce.”Investors look like they prefer U.S. Treasuries as a safe haven for now, evident by the inverted U.S yield curve,” Howie Lee, an economist at OCBC Bank, said.”A strong dollar is also likely impeding big players such as China and India from consuming too much (of gold).”
The dollar held steady against its key rivals on Thursday as escalating Sino-U.S. trade tensions forced investors into the shelter of safe-haven assets, including government bonds. USD/Against a basket of six major currencies, the dollar was steady at 98.222 , hovering within the reach of a two-year high of 98.371 hit a week ago. The index is up more than 2% for the year.Asian stocks tracked Wall Street losses on Thursday as latest exchanges between Beijing and Washington signalled the heightened risk of a prolonged trade war. MKTS/GLOB
Provoking trade disputes is “naked economic terrorism”, a senior Chinese diplomat said on Thursday, ramping up the rhetoric against the United States amid a bitter trade war that is not showing any signs of ending soon. seems to have found a base around $1,270 even though it has failed to break much higher, analysts said.”With bond yields so low and weakening equity markets, gold could find support. As far as the price remains above $1,265-$1,270, gold will rally back to $1,306 and $1,316 levels,” said Nicholas Frappell, global general manager at ABC Bullion.
