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Business News » World News

Gold pressured by firmer dollar, easing of North Korea tensions

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Updated: Wed, Aug 16, 2017
06:54 pm
Reuters
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Gold fell on Wednesday for the third straight day as the dollar edged higher on the back of robust U.S. economic data and an easing in tensions over North Korea.

Spot gold had slipped 0.2 percent to $1,269.34 per ounce by 1300 GMT, continuing to move away from a two-month peak of $1,289.73 touched on Monday.

U.S. gold futures for December delivery dipped 0.4 percent to $1,275.20 an ounce.

Gold had rallied after a war of words between U.S. President Donald Trump and North Korea`s leader about Pyongyang`s development of nuclear missiles.

But in an example of how tension has subsided in recent days, Trump praised North Korean leader Kim Jong Un on Wednesday for a "wise" decision not to fire missiles towards the U.S. territory of Guam.

"No matter what you think about Trump, he still wants to avoid a military confrontation with North Korea," said analyst Carsten Menke at Julius Baer in Zurich.

"And based on that working assumption, we see gold prices moving lower rather than higher for the next couple of weeks."

Prices are forecast to move back to the lower end of its range at around $1,200 in three months, Menke added.

Also pressuring bullion was a firmer dollar index, which held near a three-week high on Wednesday as strong U.S. retail sales a day earlier boosted risk appetite.

The dollar maintained its strong stance, seeming to shrug off data on Wednesday showing U.S. housing starts and permits were down sharply in July.

Investors were also anticipating minutes of the Federal Open Market Committee meeting due later in the day.

"The increasing odds of the U.S. interest rate hike could push the gold price below the $1,250 level and this could happen if the upcoming FOMC minutes deliver some hawkish tone," said Naeem Aslam, chief market analyst at Think Markets.

Higher interest rates could boost the dollar, making commodities priced in the greenback more expensive for holders of other currencies.

Among other precious metals, silver added 0.6 percent at $16.69 per ounce and platinum rose 0.9 percent to $965.40 per ounce.

Palladium gained 1 percent to $894.50 after touching its lowest in over a week earlier in the session.

"We see palladium prices correcting quite sharply because the prevailing bullish sentiment we have in the futures market is somewhat at odds with the weaker global car market backdrop," Menke said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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