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Spot gold price edges lower on sustained selling pressure

By 30th November 2016December 10th, 2019News

Gold trended slightly lower on the morning of Tuesday November 29 in London while investors shun safe-haven assets amid an uptick in global sentiment and the widely held assumption that the Federal Reserve will raise interest rates next month.

The spot gold price of $1,189.65/1,190.90 per oz was down $4.80 on Monday’s close. Still, this is up from the Friday lows of $1,171.33 per oz, its softest since February 8 this year.

In currencies, the dollar index has risen 0.21% to 101.41 on Tuesday. It had fallen as low as 100.63 on Monday, its lowest since November 22.

In today’s data, the US will release its preliminary GDP, its GDP price index and the S&P composite.

Later this week, Chinese manufacturing and non-manufacturing PMIs and US PMIs, unemployment data and non-farm payrolls are of note.

The spot silver price was little changed at $16.590/16.610 per oz. Platinum was $2 higher at $923/928 per oz while palladium also gained $2 to $753/759 per oz.

Source: The Bullion Desk