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Gold steadies below $1,300 level as global stocks retreat

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Middle East tensions are supportive for bullion as global trade tensions reduce risk appetite; platinum is down 0.5%

Bengaluru — Gold steadied on Wednesday, holding just below the key $1,300 level, as global stocks retreated, pointing to reduced appetite for riskier assets as investors awaited clarity on the US-China trade front.

“There have been flows out of equities into safe havens,” said Quantitative Commodity Research analyst Peter Fertig, adding that stocks turned back into the red, despite strong economic data from Germany. A global equity bounce stemming from softer rhetoric by US President Donald Trump on the trade dispute with China waned on Wednesday as grim Chinese data and fresh Italian debt woes cast a shadow over global markets.

Tensions in the Middle East have also been supportive for gold, said Afshin Nabavi, senior vice-president at MKS.

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