Gold prices edge up from one-week low after steep fall

Gold prices inched up on Thursday, still hovering near a one-week low hit in the previous session when a rebound in the dollar pushed bullion to its biggest one-day fall in nearly nine months.


Spot gold rose 0.2 per cent to $ 1,327.20 per ounce at 0152 GMT. Prices fell 1.5 per cent on Wednesday, their biggest one-day per centage decline since July 3, 2017.

US gold futures for April delivery rose 0.2 per cent to $ 1,326.50 per ounce.

The dollar held firm against the yen on Thursday, helped in part by hopes of easing tensions in East Asia. The dollar index , which measures the greenback against six other major currencies, was steady at 90.039.

Asian stocks edged up amid perceived progress on North Korean tensions, although equity gains were limited after a tech-led retreat on Wall Street.

North Korea’s leader Kim Jong Un pledged his commitment to denuclearisation and to meet US officials, China said on Wednesday after his meeting with President Xi Jinping, who promised China would uphold friendship with its isolated neighbour.

US President Donald Trump’s tariffs on Chinese goods may not be imposed until early June, administration officials said on Wednesday, with public consultations and potential tariff revisions buying time for negotiations to forestall them.

China could target a broad range of US businesses from agriculture to aircraft, autos, semiconductors and even services if the trade conflict with the United States escalates, the China Daily newspaper said on Thursday.

US economic growth slowed less than previously estimated in the fourth quarter as the biggest gain in consumer spending in three years partially offset the drag from a jump in imports.

The US Federal Reserve should continue to raise interest rates back to the long-term neutral rate given how close the central bank is to its goals, Atlanta Fed President Raphael Bostic said on Wednesday.

South Africa’s DRDGOLD said on Wednesday its shareholders voted in favour of all resolutions relating to the firm’s proposed acquisition of assets from Sibanye-Stillwater

Mexico’s silver output fell 13.6 per cent in January compared to the same month last year, data from the national statistics institute INEGI showed on Wednesday.