Gold de­clines

The Herald (Zimbabwe) - - Business -

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.

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