Gold drops three-week low as investors look to equities

[ahlam1399]

Gold drops three-week low as investors look to equities

BENGALURU: Gold hit a three-week low on Thursday, after falling more than 1 percent in the previous session, as investors looked to buy into rising equity markets rather than purchasing safe-haven assets.

Asian stocks climbed to nine-month highs on Thursday, helped by a pickup in capital inflows and a recovery in global oil prices, while the dollar stood strong on U.S. equity market gains.

Spot Gold fell 0.1 percent at $1,314.20 an ounce by 0406 GMT. It touched a low of $1,310.56 earlier in the session, its lowest since June 28. Bullion fell 1.2 percent on Wednesday.

U.S. Gold was down 0.4 percent at $1,314.20 an ounce.

"Stock markets are moving up which is **t good for gold. We expect prices to scale down a little more. I don't think prices will stabilize before next week's U.S. Federal Reserve meeting," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

Spot Gold has found a support at $1,313 per ounce, and may hover around this level temporarily before falling towards the next support at $1,298, according to Reuters technical analyst Wang Tao.

"Thin summer trading conditions may be as important a reason for Gold edging lower than renewed expectations for a rate rise this year," HSBC analyst James Steel said in a **te.

"In quiet conditions the Gold market may gravitate to the vicinity of large round numbers, with $1,300/oz the closest and most obvious."

Meanwhile, the European Central Bank is all but certain to keep rates firmly on hold on Thursday, when an**uncing its rate decision due at 1145 GMT.

"With Gold looking increasingly shaky on the charts, all eyes will turn to the ECB policy meeting. Should the central bank signal a more accommodative policy, we could see Gold get a bit of a lift despite the fact that the dollar could strengthen as a result," said INTL FCStone analyst Edward Meir.

Spot silver was on track for its sixth straight session of losses, tying a streak in December 2015. It fell 0.7 percent to $19.26 an ounce.

Platinum, which hit a two-week low on Wednesday, was down 0.3 percent to $1,076.60.

Palladium, which hit its highest in nearly nine months on Wednesday, was down 0.5 percent at $666.35 per ounce.



أكثر...

??????? ??????: Gold drops three-week low as investors look to equities || ??????: ahlam1399 || ??????: اسم منتداك

https://hameed.nwar.uk/vb

كلمات البحث

العاب ، برامج ، سيارات ، هاكات ، استايلات