Gold price edges higher but stronger dollar caps gains

 Gold was trading higher on Friday morning in London but gains are being capped by a stronger dollar.

– The spot gold price was last at $1,325.85/1,326.15 per ounce, up $4 on Thursday’s close. Trade has ranged from $1,321.05 to $1,327.05 so far.

– The dollar index was last at a higher 95.73 and has been on an upward trend since bottoming out in May, Joshua Mahoney, a market analyst at IG, said. “Despite a slowdown in this resurgence, we have not yet seen anything to say this rally is over. As long as we do not see an hourly close below 94.11, there is reason to believe the dollar will continue to perform over the coming months,” he said.

 – In the other precious metals, silver was last at $19.255/19.275, up 15 cents. Platinum at $1,030/1,035 was $7 higher and palladium at $714/723 was up $3.50.

– “Stronger oil prices gave gold some lift yesterday but not much. Prices are for the most part moving sideways; while they do so, the risk of stale long liquidation remains,” William Adams, FastMarkets head of research, said. “Silver is following gold’s lead, albeit in a more volatile manner, platinum is staying in the low ground and palladium is bucking the trend – prices looking set to challenge the July highs of $747.50, with the highest close then at $725.”

(Editing by Mark Shaw)

 

 

 

 

The post Gold price edges higher but stronger dollar caps gains appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2dbKy1i
via IFTTT