Stronger dollar checks gold rebound; price steady around $1,270/oz

Gold edged lower in morning trading on Thursday, October 20, with a recovering dollar putting the brakes on the metal’s gentle rebound, market participants said.

The spot gold price was recently quoted at $1,268.55/1,268.95 per oz, down $1.65 on Wednesday’s close. Trade has ranged from $1,268.00 to $1,273.15 so far.

The dollar index has found some fresh strength this morning – it was recently quoted at 97.93, up 0.1%.

With support for gold broadly at $1,265-1,267.90 per oz, the metal will be looking to breach technical levels at $1,277 to enable further gains, MKS said in a note.

All eyes will be on the European Central Bank’s monetary policy decision and press conference while US data includes initial jobless claims, the Philly Fed manufacturing index, existing home sales and natural gas storage.

In the other precious metals, spot silver was unchanged at $17.640/17.670 per oz as was platinum at $940/945. Palladium climbed $3.50 to $634/641.

 

(Editing by Mark Shaw)

 

 

 

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