Gold steady, on track for longest string of weekly gains since January

Spot gold was flat at $1,231.17 an ounce at 0101 GMT. On Tuesday, it touched a high of $1,239.68, a peak since July 17. It was up 0.4 percent for the week.

MCX Service

Gold prices held steady early Friday as a bounce back in US stocks failed to stimulate its Asian counterparts, with the metal on track to rise for the fourth straight week, its longest string of weekly gains since January.

FUNDAMENTALS

Spot gold was flat at $1,231.17 an ounce at 0101 GMT. On Tuesday, it touched a high of $1,239.68, a peak since July 17. It was up 0.4 percent for the week.

US gold futures were up 0.1 percent at $1,233.70 an ounce.

Asian shares wobbled in early Friday trade, struggling to shake off the previous day’s global markets rout, after weak results from tech giants Alphabet Inc and Amazon.com heightened concerns over world trade and economic growth.

US business spending on equipment appeared to have remained slow in September and the goods trade deficit widened further as rising imports outpaced a rebound in exports, suggesting economic growth moderated in the third quarter.

The recent cratering of stock markets is nowhere near severe enough to rattle confidence and significantly hurt US business and consumer spending, a Fed official said on Thursday, in the latest unruffled message from the US central bank.

Richard Clarida, US President Donald Trump’s most recent addition to the Federal Reserve Board, made his debut speech on Thursday just days after Trump again slammed the Fed for raising interest rates. His message: rates should continue higher.

The European Central Bank stuck to plans on Thursday to claw back unprecedented stimulus, even as the growth outlook continues to darken and political turmoil in Italy looms large over the currency bloc.

Italy would need to secure a bailout from the European Union if it is to receive any help from the European Central Bank to bring down its borrowing costs on financial markets, the ECB’s President Mario Draghi said on Thursday.

Saudi Arabia’s public prosecutor said on Thursday the murder of journalist Jamal Khashoggi in the kingdom’s Istanbul consulate this month was premeditated, reversing previous official statements that the killing was unintended.

Barrick Gold Corp could have nine of the world’s top gold mines in a relatively short time under its $6.1 billion acquisition of African miner Randgold Resources Ltd , Barrick Executive Chairman John Thornton said Thursday.

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