Gold retraces from 2-week peak on profit-booking

Reuters

Reuters

Lower rates tend to weigh on the dollar and decrease the opportunity cost of holding non-yielding bullion.

Spot gold inched down 0.3 per cent to $1,409.71 per ounce as of 10:15 am EDT (14:15 GMT). "If we don't get the rate cut, gold is going to head back into $1,300", said Jeffrey Sica, founder, president and chief investment officer of SICA Wealth Management LLC.

Bullion had firmed on Wednesday after the Fed reported that the US economy has continued to grow at a "modest" rate in recent weeks.

" The other day we had favorable information from the UNITED STATE, gold came down a little; yet we are still anticipating rates of interest to be reduced by the Fed", claimed Brian Lan, handling supervisor at dealer Gold Silver Central in Singapore.

The index had climbed to a one-week peak in the previous session on stronger-than-expected USA retail sales.

USA interest rates futures implied traders fully expect the US central bank to cut rates at its policy meeting on July 30-31, with a 35% chance for a half-point decrease, up from a 28.7% chance, CME Group's FedWatch tool showed. The U.S. currency was last down about 0.1% against key rivals. Adding to the sentiment, Federal Reserve Chairman Jerome Powell on Tuesday reiterated pledges to "act as appropriate" to sustain the US economic expansion.

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"Gold remains locked within the $1,400-$1,420 range, while more broadly, we look for a move outside of $1,380-$1,440 for medium-term direction", MKS PAMP said in a note.

On the profession front, UNITED STATE Head of state Donald Trump on Tuesday said the U.S. still has a lengthy means to head to end a trade manage China, however might enforce tolls on an extra$ 325 billion well worth of Chinese items if it required to do so.

Indicative of bullish sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.48% to 803.18 tonnes on Wednesday from 799.37 tonnes on Tuesday.

Place gold is prejudiced to damage an assistance at $1,404 per ounce, and also be up to $1,387, following its failing to damage the resistance at $1,421, according to Reuters technological analyst Wang Tao.

Among other precious metals, silver today climbed 0.8% to $16.10 per ounce in global markets, its highest since February 20, and on track for a fifth consecutive session of gains.

Platinum was up 1pc at $847.43, after touching its highest since May 15 at $850.46, while palladium dipped 1pc to $1,552.49 per ounce.

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