Gold eases within tight range as the dollar firms
Gold hits its highest in nearly two weeks with SPDR Gold Trust holdings rising on Monday
Bengaluru — Gold edged lower on Tuesday, pressured by a slight uptick in the dollar and held a narrow range in light trade ahead of the US Thanksgiving holiday. Spot gold was down 0.1% at $1,223.01 an ounce at 10.47am GMT, having earlier hit a peak not seen since November 8 at $1,225.88. US gold futures edged 0.1% lower to $1,224.1. “[Trade] is relatively sideways at the moment ... gold does not have its own momentum behind it, it is simply responding to external forces rather than any energy and vigour of its own,” said Ross Norman, CEO of Sharps Pixley. “We see gold trading in a $1,215 to $1,240 range for the remainder of the year.” The dollar index, which measures the greenback against major currencies, rose from its weakest in two weeks after cautious comments by US Federal Reserve officials over the global outlook and weak US economic data raised doubts on the pace of future rate hikes. The Fed has raised rates three times this year, making it more expensive to hold non-interes...
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