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Gold Falls from 7-Week High as Dollar Stabilizes
Gold fell on Wednesday as the dollar held firm and investors sold the precious metal to profit after negative US data pushed prices to a seven-week high in the previous session.
Spot gold fell 0.2 percent to $ 1265.80 an ounce by 0638 GMT. Gold reached its highest level since June 14 at $ 1273.97.
Gold for December delivery fell 0.6 percent to $ 1272.30 an ounce.
A gauge of US factory activity fell from a nearly three-year high in July as new orders slowed, and consumer spending did not rise a month earlier, paving the way for average economic growth in the third quarter.
The dollar gained modest gains on Wednesday after rising from its lowest level in 15 months, taking advantage of a sell-off of the volatile currency as investors began preparing for major events this week, especially the US jobs report scheduled for Friday.
Among other precious metals, silver fell 0.6 percent to $ 16.60 an ounce. Silver touched its highest level since June 29 earlier in the session.
Platinum fell 0.1 percent to $ 942.90 an ounce after rising to a seven-week high earlier on Wednesday.
Palladium fell 0.3 percent to $ 889.60 an ounce after hitting its highest since June 13 in the previous session.
http://economy-news.net/content.php?id=8536
Gold fell on Wednesday as the dollar held firm and investors sold the precious metal to profit after negative US data pushed prices to a seven-week high in the previous session.
Spot gold fell 0.2 percent to $ 1265.80 an ounce by 0638 GMT. Gold reached its highest level since June 14 at $ 1273.97.
Gold for December delivery fell 0.6 percent to $ 1272.30 an ounce.
A gauge of US factory activity fell from a nearly three-year high in July as new orders slowed, and consumer spending did not rise a month earlier, paving the way for average economic growth in the third quarter.
The dollar gained modest gains on Wednesday after rising from its lowest level in 15 months, taking advantage of a sell-off of the volatile currency as investors began preparing for major events this week, especially the US jobs report scheduled for Friday.
Among other precious metals, silver fell 0.6 percent to $ 16.60 an ounce. Silver touched its highest level since June 29 earlier in the session.
Platinum fell 0.1 percent to $ 942.90 an ounce after rising to a seven-week high earlier on Wednesday.
Palladium fell 0.3 percent to $ 889.60 an ounce after hitting its highest since June 13 in the previous session.
http://economy-news.net/content.php?id=8536
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