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GOLD

Delayed Quote. Delayed  - 08/14 01:22:36 pm
1937.18 USD   -1.03%
01:02pRetail Spending in July Topped Pre-Pandemic Levels -- 2nd Update
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12:39pSpot gold falls 1% to $1,933.89/oz
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12:16pDwindling gold demand pushes Chinese discounts to record high
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Gold pauses as markets seek confirmation on Fed policy

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07/29/2020 | 06:15am EDT
FILE PHOTO: Gold bars and coins are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich

Gold eased on Wednesday as investors booked profits from a record run and caution set in as investors awaited the end of a U.S. Federal Reserve meeting expected to reinforce dovish policy to aid a virus-hit economy.

Spot gold was down by 0.1% at $1,956.39 per ounce by 1153 GMT. Prices hit a record $1,980.57 on Tuesday. U.S. gold futures rose 0.4% to $1,953.20 per ounce.

"When you're sitting on a very large profit, people want to take that," independent analyst Ross Norman said, adding the market was in a holding pattern ahead of the Fed's policy statement due at 2 pm EDT (1800 GMT).

Investors were also monitoring a political deadlock in the U.S. Congress over a $1 trillion aid plan.

"They're going to have to apply more stimulus in an economy struggling to get itself out of a hole and if they do increase monetary injection, it's going to be gold positive," Norman added.

Gold, considered a refuge against inflation and currency debasement following widespread stimulus, tends to benefit from low interest rates, which reduces the opportunity cost of holding the non-yielding metal.

Fed Chair Jerome Powell "may also comment on plans to anchor long-term interest rates at a low level by adjusting the forward guidance and possibly conducting yield curve control," Commerzbank said in a note.

"This would cement the negative real interest rates, in which case new record highs for gold and an increase above $2,000 per troy ounce would only be a question of time."

Investors continued to pile into gold-backed exchange-traded funds, with holdings in the SPDR Gold Trust at an over seven-year peak.

Gold also tracked moves in rival safe-haven the dollar, which lingered near a two-year low.

Silver fell 1.2% to $24.28 per ounce, platinum was little changed at $947.52 per ounce and palladium fell 1.4% to $2,250.75 per ounce.

By Eileen Soreng

Stocks mentioned in the article
ChangeLast1st jan.
COMMERZBANK AG -0.29% 4.783 Delayed Quote.-13.05%
GOLD -1.06% 1937.18 Delayed Quote.26.65%
PALLADIUM -1.96% 2117.5 Delayed Quote.9.86%
SILVER -5.54% 25.948 Delayed Quote.43.68%
THE PLATINUM GROUP 0.00% 2.54 End-of-day quote.-37.75%
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