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Gold gains as risk aversion weighs on dollar

December 07, 2018 00:00:00


BENGALURU, Dec 06 (Reuters): Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion.

Spot gold was up 0.2 per cent at $1,239.86 per ounce, as of 0429 GMT, while US gold futures were 0.2 per cent higher at $1,244.9 per ounce.

"Markets are trying to consolidate, trying to push up higher for now," said Benjamin Lu, a commodities analyst with Phillip Futures.

A balance between a host of factors such as a rate hike by the US Federal Reserve in December, uncertainty about trade tensions between Washington and Beijing, and a flattening yield curve has helped create a premium for the bullion, Lu added.

Fed policymakers will gather at a Dec. 18-19 meeting, at which the central bank is widely expected to raise interest rates.

"Although a rate hike is already priced in, markets will be closely watching the meeting for clues on rate hike timings in 2019," said Lukman Otunuga, a research analyst at FXTM, adding that: "if the meeting echoes a similar message to (Chairman Jerome) Powell's dovish shift, gold has the potential to shine into 2019."

The dollar declined against the safe-haven yen as a spike in risk aversion pressured equities and US Treasury yields.


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COMPANY YCP HIGH LOW CLOSE %CHG
CAPMIBBLMF 10.7 11.7 10.9 11.7 9.3458%
GQBALLPEN 73.1 80.4 74.0 79.9 9.3023%
JMISMDL 218.4 237.5 213.0 236.8 8.4249%
NTC 879.2 945.1 895.0 945.1 7.4955%
KOHINOOR 381.8 415.2 382.3 409.2 7.1765%
DSHGARME 226.5 245.0 228.0 242.6 7.1082%
ICBAMCL2ND 6.2 6.7 6.3 6.6 6.4516%
APEXFOODS 166.8 177.8 168.0 177.2 6.235%
CAPMBDBLMF 6.6 7.0 6.6 7.0 6.0606%
USMANIAGL 106.0 114.1 107.0 112.3 5.9434%
COMPANY YCP HIGH LOW CLOSE %CHG
GQBALLPEN 80.4 80.4 74.0 74.0 8.6486%
CAPMIBBLMF 11.7 11.7 10.9 10.9 7.3394%
CAPMBDBLMF 7.0 7.0 6.6 6.6 6.0606%
APEXTANRY 143.5 144.0 135.8 135.8 5.6701%
APEXFOODS 177.6 177.8 168.0 168.1 5.6514%
APEXSPINN 139.0 139.3 129.7 131.6 5.6231%
NTC 945.0 945.1 895.0 895.0 5.5866%
USMANIAGL 112.3 114.1 107.0 107.0 4.9533%
KOHINOOR 405.3 415.2 382.3 386.9 4.7558%
IBNSINA 255.0 256.8 245.3 245.3 3.9543%
COMPANY YCP HIGH LOW CLOSE %CHG
ISNLTD 43.0 38.7 38.7 38.7 -10%
MLDYEING 44.2 44.5 39.8 39.8 -9.9548%
BIFC 5.5 5.4 5.0 5.0 -9.0909%
IBP 41.0 41.7 36.9 37.3 -9.0244%
SONARGAON 23.6 23.6 21.3 21.5 -8.8983%
SAIHAMTEX 59.9 60.9 54.9 55.5 -7.3456%
STANCERAM 156.8 161.0 145.0 146.3 -6.6964%
KPCL 61.8 62.4 56.7 57.7 -6.6343%
SILVAPHL 35.1 35.7 31.9 32.8 -6.5527%
KTL 31.1 32.2 28.7 29.2 -6.1093%
COMPANY YCP HIGH LOW CLOSE %CHG
IBP 37.1 41.7 36.9 41.5 -10.6024%
MLDYEING 39.8 44.5 39.8 44.2 -9.9548%
SILVAPHL 31.9 35.7 31.9 35.3 -9.6317%
DAFODILCOM 31.2 34.3 31.2 34.3 -9.0379%
SONARGAON 21.5 23.6 21.3 23.6 -8.8983%
PDL 15.9 17.6 15.8 17.4 -8.6207%
SAIHAMTEX 54.9 60.9 54.9 59.9 -8.3472%
KPCL 57.0 62.4 56.7 62.1 -8.2126%
STANCERAM 148.0 161.0 145.0 161.0 -8.0745%
INTECH 53.4 58.0 53.3 57.8 -7.6125%