Gold edged down on Thursday to its lowest in nearly two weeks on waning risk aversion, and as the dollar steadied ahead of US consumer inflation data that could offer clues on the timing of further interest rate hikes. Spot gold was down 0.1 percent at $1,321.24 an ounce by 0620 GMT, after earlier dropping to its lowest since September 1 at $1,318.75.
US gold futures for December delivery fell 0.2 percent at $1,325.10 an ounce. "It's really just the dollar driving this at the moment and risk-on sentiment. Stock markets continue to make historic highs. It's difficult to hold gold in this scenario," a Hong Kong-based trader said. Spot gold is expected to test a support at $1,313 per ounce, said Reuters technical analyst Wang Tao.
Copyright Reuters, 2017
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