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

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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: A gift is a gift, says Glencore on $1.4bn DRC debt write-off — but US Dept of Justice is watching the mining giantHow thin is the line between a gift and bribe? Glencore CEO Ivan Glasenberg describes a $1.4bn debt write-off as a ‘gift’ to the Congolese government. It’s the cost of doing business in a ‘poor’ country where governments are desperate for cash, he says.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Trade War Spurs `Change in Attitude’ on Gold for Spooked MarketsDonald Trump’s tweets are keeping global financial markets on edge, and many investors are opting for gold as a refuge.
Source: dailymaverick - 🏆 3. / 84 Read more »