Gold edged higher on Thursday morning in London, supported by a weaker dollar after a string of disappointing data that has lowered expectations of the Federal Reserve raising rates this month.
– The spot gold price was last at $1,348.00/1,348.45 per ounce, up $3.80 on Wednesday’s close. Trade has ranged from $1,342.20 to $1,348.90 so far.
– After slipping as low as 94.69 on Wednesday – its softest since August 26 – the US dollar index has recovered slightly to 94.75 but continues to hover around a two-week low.
– “The rebound in gold prices has been strong but prices have paused ahead of resistance that looks quite formidable between $1,355 and $1,375.25 so upside progress may slow now. But with the dollar looking weaker, we would not be surprised if gold prices work higher. The rest of the precious metals are following gold’s lead,” FastMarkets head of research William Adams said.
– Data due later today includes US unemployment claims and crude oil inventories, while a European Central Bank (ECB) meeting will take place later – expectations are for key interest rates to remain steady.
– In the other precious metals, silver was last at $19.895/19.920 per ounce, up around 12 cents. Platinum at $1,091/1,098 was up $7.50 and palladium climbed $11.50 to $692/701.
(Editing by Mark Shaw)
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Source: Bullion Desk News
