Gold price lifts despite firmer US dollar


21-Apr (TheAustralian) — Precious metals held onto small price gains on Tuesday morning in Europe, reversing some of the previous day’s losses, despite a strengthening of the US dollar.

A firmer US currency makes precious metals more expensive, which often deters overseas buyers. The price of gold continued to trade in a narrow range with little to push it above the key level of $US1,200.

Spot gold was up 0.2 per cent at $US1,196.60 a troy ounce in morning European trade.

Analysts see little scope for the metals to make any major breakouts, unless there’s a change of tone in broader financial markets.

“We remain more bullish for the [platinum group metals] than for bullion, but gold could well spring into action should equities get jitterier, or the situation in Greece deteriorates,” said William Adams, head of research at FastMarkets.

[source]

PG View: Gold firmed to a new intraday high of 1202.33 in early NY trading.

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