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.