Gold dips

gold-dips

Gold dips LONDON: Gold dipped on Wednesday, losing momentum due to profit taking following a rally in the previous session on US data that weakened the case for a US rate rise soon.

The US non-manufacturing new orders index for August fell to its lowest since Dece­mber 2013. Gold is highly exposed to interest rates and returns on other assets, as rising rates lift the opportunity cost of holding non-yielding bullion. Spot gold was down 0.2 per cent at $1,346.12 per ounce by 0211 GMT.

The metal earlier touched a high of $1,352.65, its best since Aug. 19. US gold futures slipped 0.24pc to $1,351 per ounce.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.52pc, its biggest one-day gain since July 5, to 952.14 tonnes on Tuesday from 937.89 tonnes on Friday.

Silver was down 0.5pc to $19.94 per ounce after touching a more than three-week high of $20.13. Platinum was flat at $1,096.80. It hit a 2-week high of $1,105.80. Palladium was mostly un­­cha­nged at $694.50.

Source: http://www.dawn.com/news/1282706/gold-dips

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