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Gold pinned near one-year lows on dollar strength


Wednesday, 1 August 2018 18:56 WIB

GOLDEmas berjangkaSILVERGold Spot


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Gold was stable near one-year lows on Wednesday on a stronger dollar, as the market waited for signals on the direction of U.S. monetary policy from a Federal Reserve meeting later in the day.

Spot gold edged down 0.1 percent to $1,223.08 perounce by 1045 GMT, close to a one-year low of $1,211.08 reached on July 19.

U.S. gold futures were 0.2 percent lower at $1,231.80 an ounce.

The Fed is expected to keep rates unchanged, but solid economic growth combined with rising inflation are likely to keep it on track for another two hikes this year, sapping demand for non-interest-paying gold.

In other precious metals, silver declined 0.5 percent to $15.44 an ounce. Platinum lost 0.8 percent to $828.20 an ounce and palladium slipped 0.5 percent to $925.

Source : Reuters


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