London — Gold retreated towards $1,240 an ounce on Wednesday as the dollar’s recovery from 10-month lows dampened upward momentum in the metal after three straight sessions of gains. Gold prices had risen 2% by late Tuesday from early Friday levels as the collapse of US President Donald Trump’s healthcare bill and waning expectations for further rate hikes from the Federal Reserve this year pressured the dollar. The US currency rose 0.3% against the euro on Wednesday, however, taking upward pressure off gold. Spot gold was at $1,240.55 an ounce at 2.53pm GMT, down 0.1% and off Tuesday’s two-week peak of $1,244.56. US gold futures for August delivery were down $1.20 an ounce at $1,240.70. "With the sluggish dollar yesterday we had a bit of a move on the upside, but there seems to be some light profit taking coming in between $1,243-1,245," MKS’s head of trading Afshin Nabavi said. The US currency remained rangebound, however, with investors wary of making strong bets ahead of major c...
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