Gold inches up on soft equities

Gold ticked higher on Tuesday to within a whisker of the $1,300-an-ounce level, regaining ground from overnight losses as weaker equities increased its safe-haven appeal.

* Spot gold rose 0.2 percent to $1,298.11 an ounce by 0026 GMT. It fell 0.5 percent in the previous session as a short-covering rally after U.S. jobs data fizzed out.

* Holdings of the world’s largest platinum-backed exchange-traded fund, Johannesburg’s NewPlat ETF, breached 1 million ounces for the first time last week, data from the fund showed, as a strike in the South African platinum sector prompted new buying.

* Mining-focused private equity firm Waterton Global Resource Management has raised $1.016 billion for its latest flagship precious metals fund.

* BlackRock said that gold ETPs had experienced a “momentum shift” in the first quarter with interest rates holding steady and higher prices. Gold ETPs attracted some $626 million in March and $154 million over the quarter, according to BlackRock.-Reuters

---

Follow Arabian Post

Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.

---

Notice an issue?

Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.

---