Gold edges lower as US dollar regains strength

The spot gold price edged lower during Asian trading hours on Tuesday November 29 as the US dollar regained strength.

The spot gold price was recently quoted at $1,189.65/1,189.95 per oz, down $4.70 on the previous close. Trade has ranged from $1,188.20 to $1,195.25 so far.

The US dollar index had fallen to as low as 100.63 on Monday, this was the lowest since November 22. But it has since risen 0.2% to 101.40 Tuesday.

“As we said before the US election, gold was likely to trade erratically but, once prices have adjusted to the result, our base line is that the bull market will continue,” William Adams, an analyst at Metal Bulletin Research, said.

“With the president-elect already talking tough on trade, we think there is still a lot of uncertainty that may make investors nervous. We would remain bullish for the metal.”

In other commodities, the Brent crude oil spot price was recently at $47.81 per barrel on Tuesday, down 0.42% from the previous day’s close.

In equities, the Shanghai Composite rose 0.45% to 3,291.66 so far today.

US data due later on Tuesday includes the third quarter preliminary GDP, preliminary GDP price index, S&P/CS Composite-20 HPI and CB consumer confidence.

In the other precious metals, the spot silver price decreased $0.1 to $16.565/16.595 per oz. Platinum at $921/926 per oz was down $1, while palladium was unchanged at $752/757 per oz.

On the Shanghai Futures Exchange, gold for June delivery was recently at 273.50 yuan ($40) per gram, and the June silver was at 4,198 yuan per kilogram.

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