Gold heads for first weekly gain in three on weaker dollar

Bengaluru — A weaker dollar helped gold prices steady on Friday, after bullion fell more than 1% in the previous session, and the metal was heading for its first weekly gain in three weeks on dovish central banks and tumultuous stock markets.

The dollar fell 0.4% against key rivals, paring gains made in the previous session, and was en route to its first weekly decline in four weeks. Gold saw some support from Chinese central bank buying and dovish views from major central banks. But US economic data boosted the dollar and triggered a sell-off in gold on Thursday, taking down the key $1,300 level.

Gold’s break below $1,300 will be seen as a negative bias in charts used by technical traders, analysts and traders said. Gold may end its bounce around resistance at $1,297, then re-test support at $1,291, Reuters technical analyst Wang Tao said.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold still near two-week peak on IMF economic growth fearsSPDR gold holdings drop for seventh session running as spot platinum rises 0.6% and palladium declines by 0.5%
Source: BDliveSA - 🏆 12. / 63 Read more »

Valcambi loses deal to refine 4-million ounces of Newmont’s goldUS-based Newmont put the contract up for tender in 2018 and has split the business between three of Valcambi's rivals
Source: BDliveSA - 🏆 12. / 63 Read more »

Gold loses ground on stronger dollarThe metal slips, but remains near a two-week peak hit in the previous session as equities sag on concern over global growth and trade tensions between the US and Europe
Source: BDliveSA - 🏆 12. / 63 Read more »

Gold inches lower but remains near two-week highThe safe-haven metal is likely to continue its rally amid concerns of an economic slowdown
Source: BDliveSA - 🏆 12. / 63 Read more »

Gold drops below $1,300 on firm dollarRise in European airline stocks pulls investors away from gold, which is feeling the pressure of dovish sentiment from central banks
Source: BDliveSA - 🏆 12. / 63 Read more »

Sibanye raises another R1.7bn in gold prepayment deal with CitibankThe funding is expected to be accounted for as deferred revenue under International Financial Reporting Standards.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Gold Fields unveils R11.6bn Chile mine projectGold Fields closes in on a final decision to build the R11.6bn Salares Norte project to add 450,000oz of gold a year to the group
Source: BDliveSA - 🏆 12. / 63 Read more »

Business Maverick: China Steps Up Gold-Buying Spree as PBOC Adds for a Fourth MonthChina’s on a bullion-buying spree. The world’s second-largest economy expanded its gold reserves for the fourth straight month, adding to optimism that central banks globally will continue to build holdings.
Source: dailymaverick - 🏆 3. / 84 Read more »

Softer dollar helps gold reach a one-week highThe metal rises while investors wait for the minutes from the Fed’s March meeting
Source: BDliveSA - 🏆 12. / 63 Read more »

Gold benefits as weak US data takes the wind out of the dollar’s sailsThe metal’s gains over the past 24 hours ‘were a follow-up on the jobs report from the US on Friday’, says DailyFX strategist Ilya Spivak
Source: BDliveSA - 🏆 12. / 63 Read more »

Gold lifts to one-week peak on softer dollarSpeculators slashed their bullish bets in Comex gold in the week to April 2, data showed on Friday
Source: BDliveSA - 🏆 12. / 63 Read more »