• Gold fell more than one percent on Wednesday as a dollar bounce on U.S. growth data pulled prices further from the previous day's near six-week peak, although softer equities markets kept bullion underpinned.
• The U.S. dollar rose 0.4 percent against the euro after data showing U.S. economic growth slowed less than previously estimated in the fourth quarter.
• Spot gold lost 1.4 percent at $1,325.66 per ounce by 1:34 p.m. EST (17:34 GMT), while U.S. April gold futures settled down $17.80, or 1.3 percent, at $1,324.20 an ounce.
• "Despite the fact that the equity markets are near a cliff, we have not seen much interest amidst retail investors for gold and the strength of the dollar index is also weighing on the price," Think Markets chief market analyst Naeem Aslam said.
"However, given the geopolitical uncertainties we have, we do think that the path of least resistance is skewed to the upside." Gold is set to close the first quarter up 2 percent.
• Bullion has traded in a tight range between $1,300 and $1,360 this year. "Yesterday’s action failed again at $1,360 and without a recovery early in the day, some speculators are trading the range and taking some profits," said Rob Haworth, senior investment strategist for US Bank Wealth Management.
• BMO Capital Markets has revised upward its average gold forecast for 2018 by 4% to $1,327 an ounce, looking for retail investment to pick up on inflation concerns and big investors to want exposure due to geopolitical worries.
• Technically, April gold futures bulls still have the slight overall near-term technical advantage, but are fading and 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 this week’s high of $1,356.80. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at $1,330.00 and then at $1,335.00. First support is seen at today’s low of $1,324.50 and then at $1,320.00. Wyckoff's Market Rating: 5.5
• United States precious metals markets will be closed on Friday for the Good Friday holiday.
• Meanwhile, silver lost 1.4 percent at $16.26 an ounce, seeing a one-week low of $16.24.
• Platinum dropped 1 percent at $934 an ounce, after touching $930.50, its lowest since Jan. 2.
• Palladium decreased 0.7 percent at $966 an ounce, earlier hitting $961.65, a three-week low. The autocatalyst metal is on track to end March down 6.6 percent, its biggest monthly loss since December 2016.
Reference: Reuters, Kitco
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