Gold prices to trade lower: Angel Commodities

Gold prices to trade lower: Angel Commodities”

Dollar brushes off fresh White House turmoil * Spot gold on track for second monthly decline * GRAPHIC-2017 asset returns: (Recasts, updates prices) By Maytaal Angel LONDON, Oct 31 (Reuters) - Gold slipped on Tuesday as the dollar recovered and precious metals investors turned cautious ahead of central bank meetings this week, USA payrolls data and the announcement of who will be the next Federal Reserve chair. On the MCX, gold prices declined 0.73 percent to close at Rs.29262 per 10 gms. The Fed started a two - day policy meetin g during Tuesday's session with speculation mounting that Trump will pick Fed Governor Jerome Powell as the next head of the US central bank on Thursday. He is seen as a less hawkish and therefore more gold friendly choice than his main challenger John Taylor, a Stanford University economist. Elsewhere, continuing political unrest in Catalonia was also in focus for gold, along with USA payrolls data on Friday and a Bank of England policy meeting on Thursday. Its upward move accelerated after it broke through its 100-day moving average at $1,275 an ounce, a key chart level. While prices have recovered, they remain within a less than $15 an ounce range so far this week as traders await clarity on US monetary policy.

"The focus (for gold investors) is on the Fed meeting and the apparent transfer to the new chair next year". A strong US currency makes dollar-priced gold more expensive for holders of other currencies.

The dollar was little changed against a basket of the other major currencies, with the, which measures the greenback's strength against a trade-weighted basket of six major currencies at 94.50. Oil prices jumped 1 percent.

Gold is sensitive to moves higher in the US dollar - a stronger dollar makes gold more expensive for holders of foreign currency, thus, reduces investor demand for the precious metal.

Palladium added 1.3 percent to $992.47 an ounce, off an earlier more than two-week high at $995.90.

Data on Wednesday showed that rose at the slowest pace in four months in October, a potentially bearish sign for industrial metals.

"Hence it is not yet the right time to short the market although we remain convinced about a looming correction".

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