|09-03-2014, 04:01 PM||#1|
Gold rises slightly from near 2-1-2-mth low
Gold rose slightly on Wednesday, following sharp drop overnight, after finding some support after prices plunged near the lowest level since June.
The yellow metal dipped on Tuesday as the dollar climbed to a 14-month high versus a basket of major currencies.
A report released yesterday showed that U.S. ISM manufacturing widened expansion in August to 59, the highest level since March 2011, from July’s 57.1.
The improvement in U.S. data has raised speculations the Fed would raise interest rates sooner than predicted.
Eyes will focus on the awaited nonfarm payrolls on Friday, as investors know that it is the key determinant to any change in the Fed’s monetary policy.
However, before the NFP attention will shift to the ECB policy decision on Thursday amid expectations of seeing adoption of new stimulus measures to bolster recovery and stave off low inflation.
On the political front, the tensions continued in Ukraine but failed to provide gold prices strong support.
"The problem is not this, but that if I want I`ll take Kiev in two weeks," Russian President Vladimir Putin said, according to La Repubblica.
Gold is currently trading around $1268.11 after hitting a high of $1269.64 and a low of $1264.40.
Support at $1262 levels helped gold to resume its drop, where some investors preferred to buy as the 14-day relative strength index retreated to a three-month low of 33.6 yesterday, providing some evidence prices may rebound.
Crude oil for October’s delivery rebounded slightly to trade around $93.42 after hitting a bottom of $92.67 on Tuesday.
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