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Updated 07:48 13/11/18

Gold up, Pound down, and reports of a Brexit breakthrough shot down

By Daryl Jackson, News Editor

06 Sep 2018

The price of gold inched up on Thursday, supported by physical buying and the dollar remaining under pressure. However, it's thought that a weaker yuan amid worries of looming U.S. tariffs on China halted any further gains for the metal.

Spot gold was up 0.1 percent at $1,197.38 at 0649 GMT, after rising 0.5 percent in the previous session.

Speaking to Reuters News Agency, ANZ analyst Daniel Hynes said:

"A bit of weakness in the U.S. dollar has stabilised some of the selling (in gold) we saw earlier in the week.

"That was also supported by relatively positive signs of physical demand, in particular in India. That seems to have also boosted sentiment a little."

He added that a further weakness in the dollar should help gold sustain the momentum.

Gold has tumbled more than 12 percent from a peak of $1,365.23 in April.

Meanwhile, the pound is trading near the lowest level of the week against the euro today (Thursday), hitting an exchange rate of €1.110 after rising 0.5% against the euro amid​ reports on Bloomberg News that the UK and Germany had ​made progress towards a Brexit deal.

The UK and Germany both denied any movement.

"Germany does not - despite its clear dominance of the bloc economically - actually speak for the EU position," said Neil Wilson, chief market analyst at Markets.com,

"[Chief EU negotiator] Michel Barnier may well have something to say about this report. As might Theresa May," he added.

Mrs May's official spokesman responded by saying there was no change in the UK's position.

A German government spokesman said:

"The government's position is unchanged. The federal government has full trust in the leadership of Michel Barnier."

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