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Gold Holds Near $5,000 as Lunar New Year Holiday Mutes Trade
Gold was little changed in early trade, with much of Asia closed for the Lunar New Year and after a US holiday on Monday. Bullion was near $5,000 an ounce, after falling 1% in the previous session. The metal had rallied briefly on Friday when modest US inflation data boosted the case for the Federal Reserve to trim interest rates. Lower borrowing costs are a tailwind for non-yielding precious metals. A wave of speculative buying pushed a multiyear rally to breaking point in late January, with gold surging to a record above $5,595 an ounce. An abrupt, two-day rout at the turn of the month pulled the metal back almost ... (full story)
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