• Gold prices slipped on Wednesday on profit taking after hitting a one-week high earlier on news that a top economic advisor to the Trump administration hadresigned, stoking fears of a trade war and knocking down the dollar.
• Spot gold was down 0.1 percent at $1,332.91 per ounce at 1112 GMT, after touching $1,340.42, its highest since Feb. 26. U.S. gold futuresfor April delivery fell0.1 percent to $1,333.80 per ounce, after settled down $7.6 at $1,327.6
• The dollar hovered near a 14-month low against the yen, while global equities fell. Equity futures pointed to the U.S. S&P 500 index ESc1 opening percent lower, extending Tuesday's falls, which followed the Cohn resignation.
• "Yesterday's sharp gains in gold have come under a bit of pressure amid profit-taking. The market remains in ranges (with) conflicting macro fundamentals in play," said Fawad Razaqzada analyst at Forex.com.
"On the one hand the prospect of a trade war should be positive for gold, but bond yields are holding up, and North Korea should be another negative for gold, hence why moves in either direction don't last."
• Technically, April gold futures prices closed nearer the session low today. The gold bulls have the slight overall near-term technical advantage, but need to show fresh power soon to keep it. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,342.00 and then at $1,350.00. First support is seen at this week’s low of $1,318.30 and then at $1,309.00. Wyckoff's Market Rating: 5.5
• Trump said on Tuesday he saw "possible progress" regarding North Korea after South Korea said Pyongyang is willing to hold talks with the United States on denuclearization and will suspend nuclear tests while discussions are underway.
• Asian gold-backed exchange-traded funds (ETFs) added more tonnes in February than North America or Europe, reversing Asia's 2017 trend of having more flows out, the World Gold Council said on Tuesday
• In other precious metals, silver fell 0.4 percent to $16.67 per ounce, after hitting its highest in more than two weeks on Tuesday. Platinum dipped 0.9 percent to$960.60 per ounce.
• Palladium declined 1.1 percent to $972.80 per ounce. It hit $971 an ounce, its lowest since Feb. 9, earlier in the session.
Reference: Reuters, Kitco
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