Gold Slips on Profit Taking

Gold fell on Friday as investors cashed in profits following a 1.2 percent gain in the previous session on
improving demand for the metal on signs U.S. and European central banks will continue loose monetary policies in the medium term. "We have seen little selling coming into the market which is understandable given gold is about $20 higher from the lows traded in Asia on Thursday," MKS Group trader Jason Cerisola said, adding that gold has very good support at $1,310 level. 

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Spot gold edged lower 0.5 percent at $1,324.30 an ounce at 0344 GMT. Bullion is set for a 0.7 percent decline for the week. U.S. gold slipped 0.5 percent at $1,324.80 an ounce. The U.S. Federal Reserve will wait until the fourth quarter before raising interest rates, likely in December after the presidential election, according to a Reuters poll which once again showed subdued inflation expectations.  
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.22 percent to 963.14 tonnes on Thursday. [GOL/ETF] Palladium, which touched its highest since late October 2015 on Thursday, was heading for its fifth straight week of gains. It dipped 0.4 percent to $679.60. Silver, which hit a near two-week low on Thursday, was down 0.2 percent to $19.72 an ounce. Platinum was down 0.2 percent to $1,095.05.

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Gold held not far off a two-week low early on Wednesday, pressured by a firmer dollar and equities as robust corporate earnings reports lifted global stocks. For More Information Visit www.capitalheight.com/bullion-premium.php

Spot gold XAU= was little changed at $1,266.70 an ounce by 0044 GMT, after touching a low of $1,257.25 on Tuesday, its weakest since April 28.

Asian stocks pulled away from eight-week lows a day after solid corporate earnings sparked a rally in global equities while the yen struggled amid intervention warnings from Tokyo in the wake of the currency's rapid rise.

Gold, which reached a 15-month high of USD 1,303.60 on May 2, will find the USD 1,300 level a tough barrier, as the investment appetite seen so far this year is unlikely to be replicated when physical demand is so poor, ICBC Standard Bank analyst Tom Kendall said.

Appetite for gold appeared to have eased after the metal failed to convincingly breach the USD 1,300 resistance level last week. But it was still up more than 19 percent for the year as expectations for a near-term increase in US interest rates had eased.

The global gold hedge book grew by 18 tonnes in the fourth quarter, an industry report showed, and producers continued to hedge in 2016 to lock in a sharp price rise in the first quarter.

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Gold traded near a 15-month peak on Monday as a tumble in the dollar and weakness in global equities bolstered the metal close to $1,300 an ounce.

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Spot gold steadied at $1,292.90 an ounce by 0029 GMT, after climbing to $1,296.11 on Friday, the highest level  since January 2015.

Bullion is sensitive to rising interest rates, which lift  the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

The dollar was also dragged lower by weak U.S. economic data that supported the Federal Reserve's cautious stance on higher U.S. interest rates. 

The U.S. dollar on Friday logged its biggest weekly percentage decline against the yen since the 2008 financial crisis in the aftermath of the Bank of Japan's decision not to ease policy further.

Liquidity during Asian trading hours will likely be thin as several markets are shut for the Labour Day holiday.

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Gold dips slightly after hitting 3-wk top on profit-taking.

            Gold jumped to a three-week peak on Tuesday on expectations the Federal Reserve will not raise US interest rates soon and as the dollar traded close to its lowest in nearly eight months.

            Spot gold rose to USD 1,259.66 an ounce early on Tuesday, its highest since March 18. However, it pared gains to trade down 0.2 percent at USD 1,254.70 an ounce by 0036 GMT, on profit-taking following a 1.4-percent overnight gain.

US gold futures also climbed to a three-week top of USD 1,261.90.

             Gold has also been buoyed by safe-haven demand.

             Asian stocks made a subdued start on Tuesday, with Japanese shares dipping on a bullish yen.

             In the physical markets, more than half of Indian jewellers reopened their shops on Monday after keeping them closed for nearly six weeks in protest over the reintroduction of excise duty on gold jewellery.

                Oil prices dipped in early Asian trade on Tuesday, but both US and international crude futures held above USD40 per barrel ahead of a meeting of major producers to discuss freezing output levels to rein in ballooning oversupply. US West Texas Intermediate (WTI) crude futures were trading at USD40.27 per barrel at 0059 GMT, down 9 cents from their last settlement.