Gold rises but fails to hold earlier gains of around 1.5% as a mixed bag of US economic indicators leeaves investors uncertain NEW YORK/LONDON — Gold rose on Wednesday but failed to hold earlier gains of around 1.5% as a mixed bag of US economic indicators left investors uncertain over the pace of recovery in the world’s largest economy.Bullion’s safe-haven appeal was underpinned by weaker US equities following a disappointing ADP US private-sector jobs report. Meanwhile, a separate report showed growth in the US services sector quickened to a four-month high in January and hiring remained robust.James Steel, chief precious metals analyst at HSBC, said gold’s near-term outlook looked "uninspiring" due to expected stimulus tapering by the US Federal Reserve.The direction of US equities, however, will be the main driver on gold until Friday’s nonfarm payrolls report, he added."Any significant drop in equities could trigger renewed gold purchases. This is gold’s best chance for a near-...
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