.jpg)
1 hour ago
3
Article content
(Bloomberg) — Gold was steady, after a second weekly decline, as traders monitored progress toward a US-Iran deal and President Donald Trump’s plan to start guiding some ships through the Strait of Hormuz.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Bullion was near $4,620 an ounce. Trump said in a social media post on Sunday that the US will begin guiding some ships that aren’t involved in the Iran conflict out through Hormuz starting Monday and flagged “positive discussions” with Tehran.
Article content
Article content
Article content
That came after Trump on Saturday suggested the Islamic Republic’s latest peace proposal might not be enough to satisfy him. The conflict has kept energy prices elevated, dimming hopes for interest-rate cuts by central banks, a negative for non-yielding bullion. Gold has lost around 12% since the war began at the end of February.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Looking ahead, traders will also focus on this week’s announcement of the US Treasury Department’s borrowing plans for the next three months, an array of Federal Reserve speakers and a loaded calendar of economic releases crowned by monthly employment data. The information should give clues on the trajectory of rates and the US fiscal deficit.
Article content
Many market watchers are still positive on the metal’s longer-term outlook, supported by buyers who have continued purchases despite recent slumps. The latest data from the producer-funded World Gold Council showed that central banks added gold holdings at the fastest pace in more than a year in the first quarter, while Tether Holdings SA extended a buying streak that’s made it the largest known holder of bullion in the world outside of banks and nation states.
Article content
Spot gold dipped 0.1% to $4,609.23 an ounce at 8:01 a.m. in Singapore. Silver rose 0.3% to $75.57, while platinum and palladium advanced. The Bloomberg Dollar Spot Index, a gauge of the US currency, slipped 0.1%.
Article content
Advertisement 1
English (US)