#forex_news Gold Prices Edged Down as Risk Appetite Increases Gold extended losses from the sessio

Forex Pakistan Tue, 09/12/2017 - 04:59

#forex_news



Gold Prices Edged Down as Risk Appetite Increases



Gold extended losses from the session earlier on Tuesday, as equities firmed while the dollar gained ground.



Investor appetite for risk showed signs of growing. Spot gold slipped 0.1 percent to $1,325.56 per ounce. In the session earlier, it dropped 1.4 percent in its largest one-day percentage loss since early July. U.S. gold futures for December delivery fell 0.4 percent at $1,330.00 per ounce.



The dollar held on to large gains on Tuesday after a sharp rebound versus the yen and euro. Gold is sensitive to moves in the dollar.



A stronger dollar makes gold more expensive for holders of foreign currency. “Market players who were bracing for North Korea to conduct another missile launch over the weekend to mark their foundation day, were relieved when Pyongyang decided to host a celebration instead,” according to Lukman Otunuga, research analyst at FXTM. “This reprieve has rekindled appetite for riskier assets, and supported the greenback, while punishing safe havens such as gold.” U.S. inflation expectations fell in August, with the year-ahead measure reaching its weakest level since early 2016, according to a Federal Reserve Bank of New York survey that contributes to the low price measures. SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, said its holding increased by 0.14 percent to 835.68 tonnes on Monday from 834.50 tonnes on Friday.



Elsewhere on the Comex, silver futures lost 28 cents or about 1.58% to $17.84 per troy ounce.

#forex_news
Gold Prices Edged Down as Risk Appetite Increases
Gold extended losses from the sessio