BENGALURU. Gold prices edged lower on Thursday in range-bound trade as investors booked profits and the dollar strengthened, while palladium fell from a record high hit in the previous session.
Spot gold fell 0,2 percent to $1 235,57 per ounce at 0823 GMT, while U.S. gold futures were 0,1 percent lower at $1 240,8 per ounce.
“Gold has been near key levels of $1 240, so there might be some technical-level profit-taking,” said Hareesh V, head of commodity research at Geojit Financial Services in Kochi, India.
A meeting of the Organization of the Petroleum Exporting Countries (OPEC) and US non-farm payroll data expected on Friday are keeping gold investors on guard, he said.
US Federal Reserve policymakers are to gather at a December 18-19 meeting, at which the central bank is widely expected to raise interest rates.
“Although a rate hike is already priced in, markets will be closely watching the meeting for clues on rate-hike timings in 2019,” said Lukman Otunuga, a research analyst at FXTM, adding that: “if the meeting echoes a similar message to (Chairman Jerome) Powell’s dovish shift, gold has the potential to shine into 2019.”The dollar held steady as a spike in risk aversion pressured equities and US Treasury yields. Reuters.