Gold Still Lower on Stronger Dollar After Strong U.S. Data; Geopolitical Risks Support

Gold Still Lower on Stronger Dollar After Strong U.S. Data

Gold futures were still lower on Wednesday, with gains in the dollar pressured amid US economic data that boosted demand for the dollar, but yellow metal prices were supported as demand for safe haven was buoyed by expectations of continued geopolitical risk.

Comex gold futures were down around $7.07 or about 0.53% at $1,311.85 a troy ounce.

Spot gold was down 0.1 per cent at $1,307.60 per ounce. It hit an over nine-month peak on Tuesday at $1,325.94.

MCX Gold was down 0.26 per cent, or Rs 76, at Rs 29586 around, while MCX Silver was up 0.18 per cent, or Rs 73, at Rs 39745 per 1 kg.

The US dollar found support after data showed the US private sector added more jobs than expected in July.

In addition, a preliminary report showed that US economic growth for the second quarter was adjusted even more than expected.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, was 0.53% for operation at 92.80, up to maximum of two and a half years 91.55.

Gold analysts, gold is likely to trade sideways on Wednesday as the latest tensions between the US and North Korea relaxed after Kim said the missile was in protest against annual military exercises between the US and Japan. and South Korea. In addition, investors will be cautious ahead of crucial data from the United States tonight.

The latest holdings of SPDR Gold Trust, the largest publicly traded gold fund backed by gold, rose 0.3 percent on Tuesday.

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