Gold prices withdrew from 3-week low, but remains below $1,200 on softer dollar

Gold prices withdrew from 3-week low, but remains below $1,200 on softer dollar

Gold prices withdraw from a three-week low on Tuesday, but still remained below the $1,200 threshold as the dollar and equities eased after recent rallies.

On the Comex, gold futures for February delivery was rose by 0.23% to $ 1182.50.

Spot gold had ridden 0.7 percent to $ 1,182.40 an ounce. It fell nearly 2 percent in the previous session, dropping to $ 1170.17 an ounce – its lowest level since December 1.

Liquidity was thin owing to the upcoming Christmas holidays, while Japanese markets were closed on Tuesday for a public holiday.

The greenback remained supported after the Federal Reserve noted last week it was on track to raise interest rates the coming year, but said he was having a patient approach.

The central bank also acknowledged the improvement in the labor market in the United States and said the economy is moving towards its goals of inflation and employment.

The operators were closely monitoring moves in equity, currency and oil markets signals.

Rising equities and a sharp dull US dollar demand for gold as safe haven asset. Lower oil prices reduce its appeal as a hedge against oil-led inflation.

Wall Street closed at historical highs on Monday, increasing global equities. The dollar index, a measure of the strength of the US currency versus a basket of major currencies, held close to a nine-year peak.

“Due to the strength of global equity markets, gold prices is showing pressure. MCX gold marginal down  and, traded flat. At the Multi Commodity Exchange, Gold April futures contract trading flat on Tuesday at Rs 26850 down Rs 7, or 0.03 percent.” 100McxTips Analysts said.

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