Gold little changed ahead of Fed Chair nomination
Tuesday, 24 October 2017
Gold traded sideways on Tuesday, with investors bracing for the possibility of an early announcement on the next US Federal Reserve chair.
Spot gold slipped 0.1 per cent to $1,280.80 an ounce by 0700 GMT, after hitting its lowest since Oct. 6 at $1,271.86 in the previous session, according to Reuters.
US gold futures for December delivery rose 0.1 per cent to $1,282.30 per ounce.
The dollar eased against a basket of major currencies but edged up versus the yen.
Reuters technicals analyst Wang Tao, however, said spot gold may break a resistance at $1,283 per ounce and rise into a range of $1,289-$1,295.
In other precious metals, silver was up 0.2 per cent to $17.08 an ounce after hitting its lowest since Oct. 9 in the previous session.
Platinum was up 0.6 per cent at $926.10 an ounce and palladium rose 0.6 per cent to $964.93 an ounce.