Monday, July 9, 2018

Gold prices inch up amid Brexit uncertainty, subdued dollar

Spot gold was up 0.1 per cent at $1,258.12 an ounce at 0057 GMT. The metal touched its highest since June 26 at $1,265.87 on Monday. 

US gold futures for August delivery were 0.1 per cent lower at $1,258.70 an ounce. 

The dollar index, which measures the greenback against a basket of six major currencies, was steady at 94.028. It fell to its lowest since mid-June in the previous session. 

Prime Minister Theresa May's foreign minister and Brexit negotiator quit on Monday in protest at her plans to keep close trade ties with the European Union after Britain leaves the bloc, stirring rebellion in her party's ranks. 

The Bank of Japan maintained its upbeat economic assessment for all nine regions of the country but some areas saw companies fret about rising costs from labour shortages, a sign that a tightening job market could constrain business activity. 

Speculators raised their net long position in COMEX gold contracts in the week to July 3, US Commodity Futures Trading Commission data showed on Monday. 

Canadian miner Barrick Gold Corp and China's Shandong Gold on Monday said they would deepen cooperation beyond their Argentinian joint venture, potentially working together on acquisitions. 

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