Gold Edges Lower in Quiet Trade as Buyers Step Back


© Reuters.

Investing.com — Gold prices were on course to end the week at the low end of their recent trading range in becalmed trading, as the Thanksgiving holiday and an undramatic crop of economic data from Europe kept volumes subdued.

By 9:10 AM ET (1410 GMT), for delivery on the Comex exchange were flat from late Thursday at $1,461.25 a troy ounce. was down 0.2% at $1,455.22, having earlier dipped as low at $1,453.13. Both ticked up fractionally after weaker-than-expected third-quarter data from Canada, which showed a sharp slowdown and raised the likelihood of fresh interest rate cuts there.

Prices have come under pressure in recent days from growing confidence in a U.S.-China trade deal and from data showing that the Chinese central bank bought no gold for the first time in 10 months in October. Physical demand from private Chinese buyers has also weakened in recent weeks in response to high prices, according to the World Gold Council.

Earlier, higher-than-expected data from the euro zone and a surprise drop in , as well as solid growth data from France, had all combined to limit any gains made overnight amid heavy falls in Chinese stock markets.

The figures reduced the already-slim prospects of any further stimulus at the European Central Bank’s meeting in December, the first under new President Christine Lagarde.

Both and indices fell sharply ahead of what is expected to be another tense weekend of protests in Hong Kong, possibly emboldened by the knowledge of support from the U.S.

President Donald Trump signed into law on Wednesday the Hong Kong Human Rights and Democracy Act, which would allow the U.S. to use trade sanctions against China if it breaches its obligations to respect to Hong Kong’s autonomy.

READ  UPDATE 1-As Amazon.com flexes its muscle, Seattle moves to curb corporate political donations

Elsewhere, were down 0.5% at $16.97 an ounce, while were up 0.7% at $901.20 an ounce.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here