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Gold steady near nine-year peak as virus woes counter China data Filed on July 16, 2020
Spot gold crept 0.1 per cent lower to $1,809.62 per ounce. - Reuters

Gold prices in Dubai for 24K gold reached Dh219.25 per gram.

Gold prices held steady near a nine-year peak on Thursday, as concerns over rising coronavirus cases and simmering US.-China tensions offset some silver linings from Chinese economic data.

Spot gold crept 0.1per cent lower to $1,809.62 per ounce by 0426 GMT but moved in a very tight range of about $5, just $8.09 shy of $1,817.71, its highest since September 2011, hit last week. US gold futures were mostly unchanged at $1,813.40.

Gold prices in Dubai for 24K gold reached Dh219.25 per gram; 22K at 206.00 per gram; 21K at 196.50per gram and 18K at 168.50 per gram.

"Asset markets are trading in reasonably tight correlations, so the gold price is tracking behaviour in broader financial markets," IG Markets analyst Kyle Rodda said. "From a technical point of view, support at $1,800 is holding well and indicates that the price is still committed to its uptrend."

Safe-haven gold has risen over 19 per cent so far this year, also benefiting from low interest rates and widespread stimulus as it's seen as a hedge against inflation and currency debasement, although market participants were still divided on the outlook for inflation.

"It remains questionable how sustainable the 'liquidity on' rally is for gold," said Stephen Innes, chief market strategist at financial services firm AxiCorp, in a note. Investor focus now shifts to European Central Bank policy decision at 1145 GMT.

Elsewhere, palladium eased 0.1per cent to $1,978.72 per ounce, platinum lost 0.7per cent to $825.89 and silver fell 0.4per cent to $19.31. - With inputs from Reuters,

Staff Reporter

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