Gold price higher on safe-haven buying

Gold prices held at higher levels after a spate of poor US data in the previous session boosted the metal above resistance levels and weighed on the dollar. Spot gold was last at $1,242.70/1,243.40 per ounce, up $2.70 on Wednesday’s closing level and bubbling just below the month high hit in yesterday’s session at $1,250. The dollar has retreated to 1.2804 against the euro with US equity markets all closing in negative territory after the release of forecast-missing retail sales figures and on fears of the spread of Ebola, bolstering gold’s credentials once again as a safe-haven asset. In European data today, the EU CPI 0.3 per cent was as forecast while the core figure beat forecast at 0.8 per cent. The trade balance of 15.8 billion euros could also boost sentiment, beating the predicted 13.5 billion euros. In the other precious metals, silver was steady at $17.42/17.47 per ounce, up one cent, according to bulliondesk.com