Gold prices edged lower on Wednesday on a slightly firmer dollar, while investors held back from making big bets ahead of U.S. President Donald Trump’s decision on Federal Reserve appointments.<\/p>\n
Alessia Pierdomenico | Bloomberg | Getty Images<\/p>\n
Gold\u00a0prices edged lower on Wednesday on a slightly firmer dollar, while investors held back from making big bets ahead of U.S. President Donald Trump’s decision on Federal Reserve appointments.<\/p>\n
Spot\u00a0gold<\/a>\u00a0was down 0.1% at $3,376.01 per ounce, as of 0312 GMT, after hitting a near two-week high on Tuesday. U.S.\u00a0gold\u00a0futures<\/a>\u00a0fell 0.1% to $3,431.10.<\/p>\n The dollar\u00a0rebounded from a one-week low hit in the previous session, reducing\u00a0gold’s appeal to other currency holders.<\/p>\n “We see that\u00a0gold\u00a0prices are consolidating and actually are on a slight upward bias,” said Brian Lan, managing director at\u00a0GoldSilver Central, Singapore.<\/p>\n “We expect\u00a0gold\u00a0prices to actually test a higher trading band like $3,393 and we might see it testing $3,400.”<\/p>\n Trump on Tuesday said he would\u00a0announce decisions\u00a0soon on a short-term replacement for Fed Governor Adriana Kugler, who announced her resignation on Friday, as well as his pick for the next Fed chair.<\/p>\n The\u00a0CME FedWatch tool\u00a0now puts the odds of a September cut at nearly 87%, after Friday’s weaker-than-expected\u00a0employment growth\u00a0data, following which Trump\u00a0fired\u00a0the commissioner of the U.S. Bureau of Labor Statistics (BLS).\u00a0<\/p>\n On the trade front, Trump again\u00a0threatened\u00a0to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack “unjustified” and vowed to protect its economic interests, deepening the trade rift between the two countries.<\/p>\n Elsewhere, the Perth Mint’s\u00a0gold\u00a0product<\/a>\u00a0sales fell 33% in July from the previous month, while silver sales slipped to a six-month low, the refiner said on Wednesday.<\/p>\n Spot silver<\/a>\u00a0was steady at $37.82 per ounce, platinum<\/a>\u00a0slipped 0.5% to $1,313.94 and palladium<\/a>\u00a0fell 1% to $1,164.15.<\/p>\n","protected":false},"excerpt":{"rendered":"Gold prices edged lower on Wednesday on a slightly firmer dollar, while investors held back from making big…\n","protected":false},"author":3,"featured_media":122853,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[133,64,81,69,24813,24809,135,24814,24815,24812,75,4352,67,132,68],"class_list":{"0":"post-122852","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-breaking-news-markets","9":"tag-business","10":"tag-business-news","11":"tag-donald-trump","12":"tag-gold-us-dollar-spot","13":"tag-gold-comex-apr23","14":"tag-markets","15":"tag-precious-metal-markets","16":"tag-precious-metals-industry","17":"tag-silver-us-dollar-spot","18":"tag-tariff","19":"tag-trump-administration","20":"tag-united-states","21":"tag-unitedstates","22":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114980278982659336","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/122852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=122852"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/122852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/122853"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=122852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=122852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=122852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}