Gold Steadies After Rally on Weak US Data

Gold Steadies After Rally on Weak US DataGold Silver Reports — Gold Steadies After Rally on Weak US Data — Gold steadied near two-and-a-half-week highs on Wednesday, losing momentum due to profit taking following a rally in the previous session on US data that weakened the case for a US rate rise soon. Gold is highly exposed to interest rates and returns on other assets, as rising rates lift the opportunity cost of holding non-yielding bullion. Spot gold was down 0.2% at $1,346.12 per ounce by 0211GMT. The metal earlier touched a high of $1,352.65. — Neal Bhai Reports

Gold Steadies After Rally on Weak US Data

Gold steadied near two-and-a-half-week highs on Wednesday, losing momentum due to profit taking following a rally in the previous session on US data that weakened the case for a US rate rise soon. Gold is highly exposed to interest rates and returns on other assets, as rising rates lift the opportunity cost of holding non-yielding bullion. Spot gold was down 0.2% at $1,346.12 per ounce by 0211GMT. The metal earlier touched a high of $1,352.65. 

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