Dollar steadies while gold slips from seven-week high
DSIJ Intelligence / 02 Aug 2017
Gold edged lower on Wednesday’s trade as the dollar firmed and investors took profits after the US’ GDP data propelled prices to a seven-week high on Tuesday’s trade.
Gold edged lower on Wednesday’s trade as the dollar firmed and investors took profits after the US’ GDP data propelled prices to a seven-week high on Tuesday’s trade.
Spot gold had fallen 0.3% to USD 1,264.88 per ounce by 0411 GMT. The day before, it hit its highest since June 14 at USD 1,273.97.
US gold futures for December delivery fell 0.6% to USD 1,271.70 per ounce.
A gauge of US factory activity slipped from a near three-year high in July amid a slowdown in new orders, and as consumer spending barely rose in the prior month, setting the stage for a moderate economic expansion in the third quarter.
Meanwhile, silver slipped 0.6% to USD 16.60 per ounce.
Platinum edged down 0.2% to USD 942.30 per ounce, after rising to its highest in seven weeks earlier in the day.
Palladium slipped 0.3% to USD 889.25 per ounce. In the previous session, it marked its highest since June 13.