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PRECIOUS-Gold holds above $1,300 as investors await Fed meet, trade talks

Monday, January 28, 2019

Gold edged lower on Monday as the dollar steadied, but the metal held above $1,300 as investors adopted a cautious approach while awaiting developments on the U.S.-China trade front and Federal Reserve policy.

Spot gold eased 0.2 percent to $1,300.92 per ounce as of 1123 GMT, having risen earlier in the session to $1,304.42, its highest since June 14, 2018. The metal broke above $1,300 in the last session after failing to do so multiple times before.

U.S. gold futures climbed 0.2 percent to $1,300.10 per ounce.

"With the news over the weekend that at least on a temporary basis, we have an end to the shutdown in the U.S., you'd expect gold prices to be a little bit softer," Julius Baer analyst Carsten Menke said.

 

Late on Friday, U.S. President Donald Trump succumbed to demands for reopening the government without securing $5.7 billion from Congress for a border wall, a move that brought some relief to the wider markets. The dollar index , a gauge of its value versus six major peers, held steady. The dollar also gained from some limited safe-haven flows due to the U.S.-China trade spat, denting the appeal of dollar-priced bullion. Gold is hovering around the much-discussed $1,300 psychological resistance, tracking back from which may kindle some jitters among investors, Capital Economics analyst Ross Strachan said.

 

Investors are bracing for a busy week with the culmination of high-level trade talks between the United States and China on Jan. 30-31. Also awaited is the Federal Open Market Committee meeting between Jan. 29 and Jan. 30, where Chairman Jerome Powell is widely expected to acknowledge growing risks to the U.S. economy as global momentum weakens.

 

"A number of investors will find this an opportune time to get in before the next move higher, likely, given the state of the global economy ... we continue to expect prices to rise towards $1,350," Capital Economics' Strachan said.

Gold is likely to break to $1,311 as it has cleared resistance at $1,299, Reuters analyst Wang Tao said. Palladium slipped 0.6 percent to $1,351.88 per ounce. Prices hit a record high of $1,434.50 on Jan. 17.

Silver fell 0.4 percent to $15.68 per ounce, while platinum shed 0.4 percent to $810.

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