Gold Holds Firm as Dollar Under Pressure
Gold held steady after seven consecutive days of gains. The strength came from a classic combination: a weakening US dollar, while investors became increasingly defensive amid a sell-off in government bonds and other currencies.
Gold bullion prices held steady around $5,180/oz, after surging 3.4% on Tuesday—its biggest daily surge since April. Meanwhile, US President Donald Trump said he was “not concerned” about the weakening dollar, which has pushed the greenback to its weakest level in nearly four years.
Pressure on the dollar intensified after the Bloomberg Dollar Spot Index plunged 1.1% in the previous session (its biggest daily decline since April). The effect is simple: when the dollar falls, gold feels “cheaper” to global buyers—and that typically keeps demand strong.
At 7:10 a.m. in Singapore, gold was barely changed at $5,177.64/oz. Silver fell 1.2% to $110.76/oz, while platinum and palladium also weakened. (alg)
Source: Newsmaker.id