• Gold held steady on Wednesday amid firmer equities, with safe-haven demand for the metal supported after U.S. President Donald Trump urged tougher measures against North Korea.
Spot gold was unchanged at $1,331.11 an ounce by 0340 GMT.
• U.S. gold futures for December delivery were up 0.2 percent at $1,335.80 an ounce.
• “You look at the Asian equity markets, it’s looking for a new high. That tells you something. People want to take risk,” said Dominic Schnider at UBS Wealth Management in Hong Kong.
“I think that clearly plays into the story that the underlying macro story is solid and this risk overlay starts to disappear and markets refocus on what’s driving long term returns.”
“It seems to me that these concerns are starting to fade. Some people expect a little harsher sanctions so it’s an indication that military confrontation, against these risks, are subsiding to some degree,” he said.
• The dollar, meanwhile, rose against the yen, while it slipped 0.1 percent against a basket of currencies, although it managed to remain above its 2-1/2-year low hit last week.
• Spot gold looks neutral in a range of $1,321-$1,335 per ounce, said Reuters technical analyst Wang Tao.
• Among other precious metals, silver was down 0.4 percent at $17.84 an ounce.
Reference: Reuters
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