PRECIOUS-Gold holds above $1,800 as weak dollar checks yield pressure
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Gold prices steadied above the key $1,800per ounce level on Thursday as a weak U.S. dollar, which makesbullion attractive for holders of other currencies, balancedpressure from firm Treasury yields which erode the metal'sappeal.
FUNDAMENTALS
* Spot gold <XAU=> was steady at $1,803.03 per ounce by 0059GMT. U.S. gold futures <GCv1> were down 0.1% at $1,804.30.
* Benchmark 10-year U.S. Treasury yields firmed near aone-month peak, raising the opportunity cost of holdingnon-interest paying gold. [US/]
* However, the dollar index <=USD> steadied near a one-monthlow as investors looked beyond a surge in Omicron COVID-19variant cases and favoured riskier currencies. [USD/]
* Asian share markets got off to a listless start onThursday as the spread of Omicron clouded the last trading dayof the year for many exchanges around the globe, while oil wasclose to finishing 2021 with gains of more than 50%. [MKTS/GLOB]
* South Korea's factory output in November far outperformedexpectations on strong export orders for cars and chips,government data showed. [nP8N2SK0AJ]
* The U.S. trade deficit in goods mushroomed to the widestever in November as imports of consumer goods shot to a recordahead of the second straight COVID-19-distorted holiday shoppingseason along with industrial supplies, while exports slippedafter a historic gain a month earlier. [nL1N2TE0XM]
* Gold was on track for its biggest annual decline since2015, having fallen nearly 5% so far this year.
* Analysts have said gold trading is likely to remain thinand range-bound this week.
* Spot silver <XAG=> was down 0.1% at $22.79 an ounce,platinum <XPT=> edged 0.1% lower to $966.71, and palladium<XPD=> fell 0.1% to $1,982.17.
DATA/EVENTS (GMT)
