Spot gold price edges lower on sustained selling pressure

Gold trended slightly lower on the morning of Tuesday November 29 in London while investors shun safe-haven assets amid an uptick in global sentiment and the widely held assumption that the Federal Reserve will raise interest rates next month.

The spot gold price of $1,189.65/1,290.90 per oz was down $4.80 on Monday’s close. Still, this is up from the Friday lows of $1,171.33 per oz, its softest since February 8 this year.

In currencies, the dollar index has risen 0.21% to 101.41 on Tuesday. It had fallen as low as 100.63 on Monday, its lowest since November 22.

In today’s data, the US will release its preliminary GDP, its GDP price index and the S&P composite.

Later this week, Chinese manufacturing and non-manufacturing PMIs and US PMIs, unemployment data and non-farm payrolls are of note.

The spot silver price was little changed at $16.590/16.610 per oz. Platinum was $2 higher at $923/928 per oz while palladium was also gained $2 to $753/759 per oz.

(Editing by Mark Shaw)

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