Gold prices steady despite Manchester blast, US political woes support

Gold prices steady

Gold prices were steady despite a blast at a concert in the English city of Manchester that left at least 19 people dead in what British police treated as a terrorist incident.

The metal has been supported as the dollar weakened against the euro amid political tensions in the U.S. due to the ongoing controversies involving President Donald Trump and the dollar's weakness against the euro.

Spot gold was up 0.1 per cent at $1,261.62 per ounce

U.S. gold futures were flat at $1,261 an ounce.

Spot gold advanced by 2.2 per cent last week as the turmoil over Trump's alleged links to Russia and his firing of former Federal Bureau of Investigation chief James Comey raised concerns about his ability to push through promised fiscal stimulus.

Spot gold may gain further to $1,272 per ounce, following its break above a resistance at $1,257, according to technical analyst from Reuters, Wang Tao.

Among other precious metals, silver was close to a three-week peak touched on Monday, when it rose 1.8 per cent in its biggest one-day percentage rise since April 11. The white metal was flat at $17.12 an ounce.

Platinum was up 0.2 per cent at $948 an ounce, hovering near its highest in more than three weeks hit on Monday.

Palladium was nearly unchanged at $770.22 per ounce. It fell to a more than two-month low in intraday trading on Monday but recovered to end the day.


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