Tuesday 19 March 2024
 
»
 
»
Story

Weaker dollar checks gold losses.

Gold slips further below $1,200 over fund outflows

SINGAPORE, November 27, 2014

Gold dipped for a second session on Thursday, holding below $1,200 an ounce, as outflows resumed from the top bullion exchange-traded fund and traders remained cautious before an upcoming Swiss referendum on central bank bullion assets.

A weaker dollar after lacklustre US data, however, checked losses in gold which is seen as a safe-haven asset.

"Gold is stuck on either side of $1,200 with a break of $1,190 or $1,205 needed for the next leg in either direction," said Jason Cerisola, metals dealer at MKS Group.

"(Precious) metals are likely to remain quiet ahead of the US holiday and the Swiss referendum on the weekend," he said.

Spot gold slipped 0.1 per cent to $1,195.90 an ounce by 0253 GMT, but trading is expected to be thin with the US markets closed for Thanksgiving.

The metal dipped 0.3 per cent on Wednesday as bearish market sentiment offset a drop in the US dollar. – Reuters




Tags: Gold | Dollar |

More INTERNATIONAL NEWS Stories

calendarCalendar of Events

Ads