Bullion for immediate delivery was 0.2 percent lower at $1,199.24 an ounce as of 10:43 a.m. in New York. In the last month, gold has traded within a range of about $31, with a high of $1,214.35 and low of $1,182.86.
‘Range-Bound’
“Gold has remained range-bound around $1,200 for the past month, during which time it has managed to absorb continued selling from futures and ETF investors,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “It does indicate that some underlying demand has begun to emerge, but in order for the price to progress to a point where short sellers begin to worry, it needs additional support from a combination of a weaker dollar and lower stocks.”
Gold Gains on Sustained Jewellers’ Buying
