Gold price stalls

Bengaluru-India (June 2)  Gold prices were steady in Asian trade on Friday on renewed fears of a global trade war, while a firm dollar and positive U.S. economic data weighed on the market.

Spot gold was nearly unchanged at $1,298.29 per ounce by 0641 GMT, while U.S. gold futures for June delivery were down 0.2 percent at $1,298 per ounce. Spot gold is down slightly this week. Gold´s current price movement reflects the relatively calm attitude of investors, said Mark To, head of research at Hong Kong´s Wing Fung Financial Group. "These uncertainties are to be with us for quite some time, so sooner or later investors will get used to it," To said, adding that he expected gold to trade in the $1,296-$1,305 range. Fears of a global trade war emerged after the United States on Thursday went ahead with tariffs on aluminium and steel imports from Canada, Mexico and the European Union, ending the two-month exemption it had given earlier.

Reuters

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