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GOLD: Intraday Analysis & Pattern Update

  • SPDR Gold Trust holdings rose 0.5% on Monday
  • Dollar edges up from six-week lows
  • Fed has more work to do to control inflation – Kashkari

Gold prices fell to a near two-week low on Tuesday as the dollar firmed and safe-haven demand slowed, while investors awaited comments from Federal Reserve officials, including Chair Jerome Powell, for more clarity on the interest rate outlook. Spot gold GOLD fell 0.5% to $1,968.30 per ounce by 0717 GMT, its lowest since Oct. 25. U.S. gold futures GOLD fell 0.7% to $1,974.20. The dollar DXY rose 0.3% after hitting a six-week low in the previous session, making gold more expensive for other currency holders.

“At the moment, it’s really still a story about geopolitical risk and the margins of risks would seem to have diminished a little bit in gold and prices are reflecting that,” said Kyle Rodda, financial market analyst at Capital.com.

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