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Gold steady as dollar softens versus stabilising yen

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Reuters BENGALURU
Last Updated : Aug 08 2018 | 6:55 AM IST

BENGALURU (Reuters) - Gold prices were steady early on Wednesday, after rising in the previous session, as the U.S. dollar softened against China's yuan and the euro.

FUNDAMENTALS

Spot gold was unchanged at $1,210.91 an ounce at 0043 GMT, after rising 0.4 percent in the previous session.

U.S. gold futures were up 0.1 pct at $1219.4 an ounce.

The dollar index , which measures the greenback against a basket of six major currencies, was down 0.1 percent at 95.133.

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The prospect of a "no-deal Brexit" appears to have grown after the European Union's negotiator rejected last month central elements of Prime Minister Theresa May's proposals for a new trade agreement.

The European Parliament has agreed to ease tough new liquidity rules for banks trading gold, marking a success for the London Bullion Market Association's (LBMA) campaign to revise the plans.

Gold-backed exchange-traded funds (ETFs) saw outflows in North America, Europe and Asia in July as a strong U.S. dollar helped weaken gold prices, the World Gold Council said on Tuesday.

SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15 percent to 787.53 tonnes on Tuesday from 788.71 tonnes on Monday.

(Reporting by Apeksha Nair in Bengaluru)

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: Aug 08 2018 | 6:48 AM IST

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