Wednesday, 07 June 2023 01:52 GMT

New York gold settles higher after Brussels blasts

(MENAFN- ProactiveInvestors - Australia) U.S. gold futures for April delivery settled up 0.5% at US$1248.60 an ounce

Gold edged higher as equity markets fell in the wake of the terror attacks in Brussels overnight.

U.S. gold futures for April delivery settled up 0.5% at US$1248.60 an ounce.

Gold is traditionally seen as a haven after terrible events and money shifting in to the metal outweighed hawkish comments from Dennis Lockhart the head of the Atlanta Fed that U.S. interest rates may rise again next month.

There was more evidence meanwhile that consumer demand in China and India the two largest markets is very depressed at the moment.

Switzerland's gold exports fell to an 18-month low in February with shipments to India China and Hong Kong all well down on the previous month.

At least the strike by Indian jewellers is over. It started with the sales tax on jewellery announced in the Budget. The industry has a 60 days window to find a solution and this may see some recovery in gold demand from India.


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