Gold prices edge lower

Dhaka,  Sun,  20 August 2017
Published : 02 Aug 2017, 12:08:47
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Gold prices edge lower as dollar steadies

Gold prices edge lower
Gold prices edged lower on Wednesday as the dollar firmed and as investors took profits after downbeat US data propelled prices to a seven-week high in the previous session.

Spot gold had fallen 0.3 per cent to $1,264.88 per ounce by 0411 GMT. The day before, it hit its highest since June 14 at $1,273.97.

US gold futures for December delivery fell 0.6 per cent to $1,271.70 per ounce, according to Reuters.

A gauge of US factory activity slid from a near three-year high in July amid a slowdown in new orders, and consumer spending barely rose in the prior month, setting the stage for a moderate economic expansion in the third quarter.

The dollar clung to modest gains on Wednesday after bouncing from 15-month lows, benefiting from a pause in selling of the battered currency as investors begin positioning for key events this week, notably Friday's US employment report.

For potential impact on the dollar, the market was waiting for the US ADP jobs report and comments by San Francisco Fed President John Williams and Cleveland Fed chief Loretta Mester due later in the session.

Spot gold may break support at $1,264 per ounce and fall to the next support level at $1,258, as suggested by its wave pattern and a Fibonacci retracement analysis.

Meanwhile, silver slipped 0.6 per cent to $16.60 per ounce. It touched its highest since June 29 earlier in the session.

Platinum edged down 0.2 per cent to $942.30 per ounce, after rising to its highest in seven weeks earlier in the day.

Palladium drifted 0.3 per cent lower to $889.25 per ounce. In the previous session, it marked its highest since June 13.
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