Gold prices weakened on Thursday
towards a two-month trough hit in the previous session, as the
US dollar steadied near five-year highs, hurting demand for
* Spot gold was down 0.1% at $1,885.20 per ounce, as
of 0038 GMT. US gold futures were also down 0.1% at
* The dollar was nearing highs not seen in two decades on
Thursday as the energy crisis in Europe hamstrung the euro,
while the yen was undercut by expectations the Bank of Japan
would stick to its super-easy policies.
* Measured against a basket of currencies, the dollar index
had reached a five-year top of 103.28 and a further push
above 103.82 would see it to levels not visited since late-2002.
* A stronger dollar makes greenback-priced gold less
attractive for other currency holders.
* The march higher in the dollar pushed gold prices to their
lowest since Feb. 24 on Wednesday.
* Bullion is seen as a safe store of value during economic
and political crises, a factor that seemed to limit losses on
* Europe should stop depending on Russia for trade after
Moscow halted gas supplies to Bulgaria and Poland for not paying
in roubles, Ukraine said, as the shutoff exposed the continent’s
weaknesses and divisions on Wednesday.
* Global demand for gold surged 34% year-on-year in the
first quarter to the highest in over three years, driven by
investors worried about Russia’s invasion of Ukraine and rising
inflation, the World Gold Council (WGC) said.
* Spot silver gained 0.1% to $23.31 per ounce,
platinum was flat at $917.77, and palladium firmed
0.3% to $2,209.71.
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(Reporting by Bharat Govind Gautam in Bengaluru; editing by