Gold Price Little Changed On Firm Dollar

December 6, 2018

London (Dec 6)  Gold prices were flat to slightly lower on Thursday in range-bound trade, as the dollar rose slightly amid a rise in risk aversion.

Spot gold was little changed at USD1,236.47 per ounce while US gold futures were 0.1% lower at USD1,241.80 per ounce.

Global risk appetite waned as the arrest of Huawei Technologies Co.'s chief financial officer in Canada over potential violations of US sanctions on Iran sparked worries that trade tensions between the U.S and China will not be resolved anytime soon.

Brexit-related uncertainty and caution ahead of US nonfarm payroll data expected on Friday also kept gold investors on guard.

The Federal Reserve is widely expected to raise interest rates at its meeting on December 18-19 despite indications of a slowing economy.

Traders also watched fresh developments on the Brexit front, with the European Court of Justice saying it would deliver a ruling on Monday on whether the UK can cancel the Brexit deal unilaterally by reversing Article 50.

MPs are set to vote on whether to pass Prime Minister Theresa May's deal on December 11.


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