* Wall Street falls after weak industrial earnings, hawkish
* Dollar index near one-week high
* Silver and platinum slip to lowest in a week
* GRAPHIC-Spot gold vs U.S. dollar: https://tmsnrt.rs/2J6l0kS
By Sumita Layek and Arpan Varghese
Oct 18 Gold rose on Thursday as renewed weakness
in global stock markets spurred investors to seek refuge in
bullion, which has also been helped by an improved technical
Spot gold rose 0.4 percent to $1,227.04 per ounce at
1:18 pm EDT (1718 GMT). U.S. gold futures were up 0.2
percent at $1,230.10.
"Renewed weakness in equity markets might trigger additional
buying in gold," said Alexander Zumpfe, a precious metals trader
"Gold continues to look well supported by short-covering and
fresh buying after it recently installed a short-term uptrend.
We continue to see good physical demand on every price dip," he
U.S. stocks fell on Thursday as weak earnings reports from
industrials raised worries over rising expenses and the impact
of tariffs, adding to concerns of higher borrowing costs after
hawkish commentary in the Federal Reserve's minutes.
"Overall, we have been technically breaking above the
previous highs, so it will be difficult for gold prices to move
below that," said ABN AMRO analyst Georgette Boele.
The global stock market sell-off on Monday boosted gold's
appeal, helping the yellow metal to a 2-1/2-month peak of
A rise above the 100-day moving average, around $1,226, was
also supporting gold with some analysts saying a clear break
above that level could trigger further gains and put further
pressure on short-sellers.
The dollar index held near a one-week high after the minutes
from the last U.S. Federal Reserve meeting reiterated a hawkish
stance on monetary policy, normally a bearish signal for gold.
"We have seen strong inflows in exchange traded funds (ETFs)
in the last weeks that sort of indicate investor sentiment is
turning now for the metal, moving to the positive side," ETF
Securities analyst Nitesh Shah said.
Holdings of the SPDR Gold Trust , the largest
gold-backed ETF, have gained more than 2 percent since Oct. 3.
"Geopolitical and macroeconomic factors are still not
indicating exuberance and risk appetite returning to markets
with full throttle," said Religare Securities analyst Sugandha
Trade war concerns, a hawkish U.S. central bank and tensions
between the United States and Saudi Arabia are seen weighing on
appetite for riskier assets. This bodes well for gold as a hedge
against market volatility and a portfolio diversifier, Sachdeva
In other precious metals trading, silver was down 0.2
percent at $14.58 per ounce, having earlier touched its lowest
since Oct. 11 at $14.41.
Platinum fell 0.7 percent to $825.49 after hitting a
one-week low of $821, while palladium gained 0.5 percent
(Reporting by Sumita Layek, Arpan Varghese and Swati Verma in
Bengaluru; additional reporting by Vijaykumar Vedala; editing by
Edmund Blair and Tom Brown)
BENGALURU, Oct 18 Gold edged higher on Thursday,
supported by an improved technical outlook that helped the metal
hold out against a stronger dollar.
* Nervous investors using dips to cover short postions
(Recasts, updates prices and quotes)
* SPDR Gold Trust holdings up 0.6 pct on Monday
(Updates prices and comments)
BENGALURU Gold rose more than 1 percent on Monday to its highest in about 2-1/2 months as investors sought refuge in the metal after mounting tensions between Western powers and Saudi Arabia compounded jitters in global stock markets.
* Platinum hits highest in more than three months
(Updates comments and prices)
MUMBAI/BENGALURU Physical gold demand in India was subdued this week as a rally in domestic prices curbed retail purchases going into a key festival season, while buying remained lacklustre in other major Asian hubs.
MUMBAI/BENGALURU, Oct 12 Physical gold demand in
India was subdued this week as a rally in domestic prices curbed
retail purchases going into a key festival season, while buying
remained lacklustre in other major Asian hubs.
BENGALURU Rice export prices in India eased for a third consecutive week due to waning demand and prospects of fresh supplies, while markets in Thailand and Vietnam were propped up by expectations of orders from China and Philippines.
* China eases policy on concerns Sino-U.S. spat could hurt