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Gold Prices Hold Near 5-Week Lows Amid Firm Dollar
© Reuters.
Investing.com - Gold prices were little changed near the prior session's five-week low on Tuesday, as a broadly stronger U.S. dollar dampened the appeal of the yellow metal.
Comex gold futures were at $1,286.95 a troy ounce by 8:35AM ET (13:35 GMT), after falling as low as $1,283.80 on Monday, its worst level since Jan. 24.
Meanwhile, spot gold was flat at $1,285.89 per ounce.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was at 96.71, not far from the previous day's two-week high.
A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Losses were held in check as China cut its 2019 economic growth target, dimming the outlook for the global economy.
China said on Tuesday it was targeting economic growth of 6.0% to 6.5% in 2019, down from the 6.6% growth reported last year, which was already the lowest in decades.
Authorities also announced more stimulus, including cuts in taxes, increases in infrastructure investment, and lending to small firms.
“Global growth concerns are a long-term factor and we will see some support coming in for gold,” said Renisha Chainani, head of commodity and currency research at Monarch Networth Capital.
In other metals trading, silver futures inched up 1.1 cents, or about 0.1%, to trade at $15.11 a troy ounce.
Meanwhile, palladium futures shed 0.5% to $1,477.40 an ounce, while platinum tacked on 0.2% to $840.70 an ounce.
-- Reuters contributed to this report
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