Gold edges up as dollar eases on weak US data
Gold prices inched higher early on Tuesday, with the dollar easing after weak US manufacturing data dented expectations of an aggressive string of interest rate hikes by the US Federal Reserve. Spot gold was up 0.1 percent at $1,231.06 per ounce at 0057 GMT. On Monday, t touched its highest since May 4 at 1,237.26. US gold futures were up 0.1 percent at $1,230.90 an ounce.
The dollar index, which measures the greenback’s value versus the euro, yen and four other major currencies, was down about 0.1 percent. The New York Fed said on Monday its barometer on business activity in New York state unexpectedly fell in May, sinking into negative territory for the first time since October, prior to the U.S. presidential election.
A private gauge of U.S. homebuilder sentiment unexpectedly rose in May to its second strongest level since the housing bust nearly a decade ago, as the existing supply of homes remained tight. US President Donald Trump disclosed highly classified information to the Russian foreign minister about a planned Islamic State operation during their meeting last week, two U.S. officials with knowledge of the situation said on Monday. The White House said the allegations, first reported by the Washington Post, were not true.
North Korea said on Monday it had successfully conducted a mid- to long-range missile test and would continue such launches “anytime, any place”, defying UN Security Council resolutions and warnings from the United States.
Cyber security researchers have found technical evidence they said could link North Korea with the global WannaCry “ransomware” cyber attack that has infected more than 300,000 computers in 150 countries since Friday.
Paulson & Co held its stake steady in the world’s biggest gold exchange-traded fund while Soros Fund Management stayed out of the precious metal in the first quarter of 2017, when bullion prices rallied to 3-1/2-month highs, a filing showed on Monday.
Eldorado Gold Corp agreed on Monday to purchase fellow Canadian mining company Integra Gold Corp ICG.V for C$590 million ($432.4 million) in the latest move by gold miners to opt for less risky geopolitical regions in a lackluster gold market.
The platinum market is set to record its first surplus in six years in 2017, Johnson Matthey said on Monday, as a drop in demand from the vehicle industry, jewelers and investors outstrip a smaller fall in supply.