Zimpapers Logo

Gold prices dipped on Friday as investors booked profit after the European Union forged a new Brexit deal with Britain, though a floor was kept under prices by uncertainties over trade negotiations and the global economy.

Spot gold edged down by 0,1 percent to $1 490,05 an ounce at 0722 GMT. US gold futures fell 0,4 percent to $1 493.

“Considering the present uncertainties around the US-China trade war and other geopolitical risks, gold still has potential upside,” said Hareesh V, head of commodity research at Geojit Financial Services, attributing the slight price dip to profit-taking.

The European Union backed a new Brexit deal with Britain yesterday, prompting an uptick in Asian shares in early trade. 

However, gains were capped by disappointing economic growth data from China. — Reuters.