Gold hangs tight as markets deliberate economic gloom

GOLD prices consolidated late in the week as risk appetite remained nuanced from weaker economic growth projections in 2019. The precious metal succumbed to bearish pressures last week after better-than expected US economic releases promulgated risk-on market sentiments.

Downward revisions on global growth projections by the Organisation for Economic Cooperation and Development (OECD) and the European Central Bank (ECB) this week has supported safe haven appeal as markets deliberate the effects of slowing economic growth in 2019.

Though investors have eased up on bullish gains in global stocks, robust US dollar vigour continues to inflict headwinds on non-interest bearing assets.