FILE PHOTO: A worker pours gold at the AngloGold Ashanti mine at Obuasi, Ghana, October 23, 2003 (REUTERS / Luc Gnago)
London: Gold held near its highest in a month in thin holiday trade, with a softer dollar and a retreat in stock markets helping the metal cling on to the previous session’s gains. Gold hit its highest since May 1 at $1,269.50 an ounce, as nervousness over US President’s negotiations with other world leaders at the G7 summit prompted investors to buy bullion as an alternative to nominally higher-risk assets such as shares.
Spot gold was up 0.1 percent at $1,267.74 an ounce at 1005 GMT, with US gold futures for June delivery down 0.1 percent at $1,267.30.
A 0.1 percent retreat in the dollar index underpinned prices, but moves were muted, with traders in the United States, London and China all out for national holidays. The market is also awaiting next month’s Federal Open Market Committee meeting for any clues on the US Federal Reserve’s stance on interest rate increases. Silver was up 0.1 percent at $17.36 an ounce
