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Bengaluru — Gold fell on Tuesday as the dollar rose, but concerns that rising energy prices could dampen economic activity dented appetite for riskier assets and kept bullion close to a more than one-week peak hit in the previous session.
Spot gold fell 0.4% to $1,761.69 an ounce by 2.54am GMT, after hitting $1,770.41 on Monday, its highest since September 23. US gold futures were 0.3% lower at $1,762.30.
The dollar index rose, making gold more expensive for those holding other currencies, while equity markets slid on concerns about rising inflation.
Subdued shares are prompting some Asian investors to buy the dollar, pressuring gold, said Jeffrey Halley, senior market analyst for Asia-Pacific at Oanda, adding gold would be in a choppy $1,750-$1,785.00 range ahead of the US nonfarm payrolls data on Friday.
Other risks include fragile US-China trade ties, the China Evergrande crisis and a stalemate over the US debt ceiling.
“Gold could find support on dips to $1,750.00 this week, as inflation and US fiscal fears increase,” but while the uncertainties will support gold to an extent, “the US monetary policy direction will be the winner in the end,” Halley said.
The nonfarm payrolls is expected to show continued improvement in the labour market, likely enough to keep the US Federal Reserve on course to begin tapering stimulus before year-end.
Reduced stimulus and interest rate hikes lift bond yields, weighing on gold as it translates into increased opportunity cost of holding non-interest-bearing bullion.
“The looming Fed tapering should produce some headwinds for gold going into October, but we think the precious metal should be able to withstand the announcement. Arguably, the market has discounted much of this already,” ED&F Man Capital Markets analyst Edward Meir said in a note.
Spot silver fell 0.8% to $22.47 an ounce, platinum shed 0.6% to $960.89, while palladium was little changed at $1,905.18.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.