"Recent U.S. data has been very positive, weighing on gold prices," said Hou Xinqiang, an analyst at Jinrui Futures in China.
"In addition, there hasn't been any new momentum pushing gold above the record level. If we don't see any drastically bad news on the macroeconomic front, gold's performance might be lackluster in the short term."
Spot gold lost 0.1 percent to $1,375.8 an ounce by 0638 GMT (1:38 a.m. ET), after falling to a three-week low of $1,363.8 in the previous session.
U.S. gold futures gained 0.2 percent to $1,376.6.
Spot gold is expected to zigzag down toward $1,355 per ounce, a Reuters market analyst Wang Tao said, adding volatility could be low on Thursday and Friday, with a price band between $1,355 and $1,375, as indicated by a small descending channel.
No comments:
Post a Comment