WLTW

Willis Towers Watson Public Limited Company

231.56
USD
-1.19%
231.56
USD
-1.19%
197.63 271.87
52 weeks
52 weeks

Mkt Cap 28.85B

Shares Out 124.61M

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PRECIOUS-Gold ticks higher as subdued dollar, stocks boost appeal

* Gold hovering near two-week highs * Dollar hits fresh one-month low * ECB's Lagarde sees rate at zero or slightly above by Sept. (Recasts, adds comments, updates details and prices) May 24 (Reuters) - Gold prices extended gains for a fifth straight session on Tuesday, hovering near a two-week high hit in the previous session, as a sell-off in dollar and stock markets bolstered bullion's safe-haven appeal. Spot gold was up 0.2% at $1,856.03 per ounce, as of 1013 GMT, after hitting its highest since May 9 of $1,865.29 on Monday. U.S. gold futures rose 0.4% to $1,855.30. The dollar is easing again and it will continue to support gold until there is some hawkish statement from the Federal Reserve, said Quantitative Commodity Research analyst Peter Fertig. The greenback hit a one-month low, as a broad selloff in stock markets failed to boost the U.S. currency's safe-haven appeal. U.S. 10-year Treasury yields edged lower. [USD/] [US/] [MKTS/GLOB] "Gold is in a great space at the moment with almost all supporting markers favouring the yellow metal. U.S. 10-year TIPS has plateaued giving added impetus to gold upside because of the reduced cost of holding gold – traditionally an inverse relationship," DailyFX analyst Warren Venketas wrote in a note. Gold is seen as a safe store of value during times of economic crises and hedge against inflation, but rising interest rates tend to weigh on non-yielding bullion. European Central Bank President Christine Lagarde said she saw the ECB's deposit rate at zero or "slightly above" by September end, implying an increase of at least 50 basis points from its current level. "Lagarde's comment came as a surprise to the market... In the long run for gold, increasing interest rates faster than the market expected, would imply that opportunity costs for holding gold for investors will increase," added Fertig. Spot silver rose 0.3% to $21.83 per ounce, while platinum eased 0.4% to $954.30. Palladium gained 0.5% to $2,002.18. (Reporting by Bharat Govind Gautam and Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich) ((Ashitha.Shivaprasad@thomsonreuters.com;)) Keywords: GLOBAL PRECIOUS/ (UPDATE 4) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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