Gold cuts gains

Latest Update: August 17, 2016 | 119 Views

LONDON: Gold cut its gains on Tuesday after mixed US economic data failed to give clarity on the prospects for a US interest rate rise this year.

US consumer prices were unchanged in July as the cost of gasoline fell for the first time in five months and underlying inflation moderated.

Spot gold was up 0.3 per cent at $1,342.35 an ounce by 1355 GMT, retreating from an earlier 1.3pc gain.

US gold was unchanged at $1,347.90 an ounce. Technically, gold’s next support stands at $1,335, while there is strong resistance in the $1,355-$1,360 area.

Silver was down 0.2pc at $19.74 an ounce. Platinum, which hit a near three-week low of $1,105.50 earlier in the session, rebounded 0.6pc to $1,115.40. Palladium was down 0.2pc at $692.47. It hit a three-week low of $679.72 on Monday.



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