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Gold struggles for direction as dollar firms, equities dip

Washington: Gold price were mostly unchanged on Friday after a steep fall in the previous session, with gains curbed by a firmer dollar and a pullback in global equities on U.S.-China trade tensions offering support. Spot gold was steady at $1,285.67 per ounce.m U.S. gold futures were little changed at $1,285.80 an ounce. Spot gold fell 0.8% on Thursday, its biggest one-day percentage decline since April, as investors became a little more receptive to taking on risk following strong economic data from the United States. “On one end, gold has support from prevailing uncertainties in the financial markets relating to the trade talks and concerns over growth outlook. At the same time, the dollar is expected to stay strong for at least the next two weeks,” said Julius Baer analyst Carsten Menke. “Gold is expected to be rangebound.” The dollar index rose, holding near a two-week high against a basket of currencies, making gold more expensive for holders of other currencies. Meanwhile, world stocks pulled back after tough words on trade from China. The Communist Party’s People’s Daily used a front page commentary to evoke the patriotic spirit of past wars, saying the trade war would never bring China down. A U.S. move to block China’s Huawei Technologies from buying vital American technology further ratcheted up tensions over trade. Meanwhile, Thursday’s sharp fall has dented the technical picture for the metal. News Desk



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