Gold prices weakened slightly on Wednesday (August 6th) as the dollar strengthened slightly, while investors refrained from placing large bets ahead of US President Donald Trump's decision on Fed official appointments.
Spot gold fell 0.1% to $3,376.01 an ounce, as of 03:12 GMT, after hitting a near two-week high on Tuesday. US gold futures fell 0.1% to $3,431.10.
The dollar rebounded from a one-week low reached in the previous session, reducing gold's appeal for holders of other currencies. "We see that gold prices are consolidating and are actually biased slightly upward," said Brian Lan, managing director at GoldSilver Central in Singapore.
"We expect gold prices to test a higher trading range, such as $3,393, and we may test $3,400."
Trump said on Tuesday he would soon announce a decision on a temporary replacement for Fed Governor Adriana Kugler, who announced her resignation on Friday, as well as his choice for the next Fed chair.
The CME FedWatch tool estimated a nearly 87% chance of a September interest rate cut, following weaker-than-expected job growth data on Friday, which was followed by the firing of the commissioner of the U.S. Bureau of Labor Statistics (BLS).
On the trade front, Trump again threatened to raise tariffs on Indian goods over purchases of Russian oil, while New Delhi called his attacks "unjustified" and vowed to protect its economic interests, deepening a trade rift between the two countries.
Elsewhere, Perth Mint gold product sales fell 33% in July compared to the previous month, while silver sales slumped to a six-month low, the oil refiner said on Wednesday. Spot silver prices were steady at $37.82 an ounce, platinum fell 0.5% to $1,313.94, and palladium fell 1% to $1,164.15.(alg)
Source: Reuters
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