Spot gold was steady at $1,243.10 an ounce at 0328 GMT. The yellow metal slipped 1 percent and hit an over one-week low at $1,240.89 on Wednesday.
U.S. gold futures for August delivery were 0.1 percent lower at $1,243.60 an ounce.
• “The U.S. dollar firmed up across the board and I think that is the main reason,” a Sydney-based trader said.
“With the softer U.S. equity markets and the ongoing trade war between the U.S. and China you would think it would provide some support for gold but that has not been the case.”
• “The further escalation of trade war is mutually destructive given the higher U.S. consumer prices as a result of import tariffs, which in turn could fuel risk of a faster-than-expected Fed rate hike in the foreseeable horizon,” OCBC said in a note.
• Spot gold may break a support at $1,237 per ounce and fall more towards the next support at $1,226, Reuters technicals analyst Wang Tao said.
In other precious metals, silver was 0.2 percent higher at $15.78 an ounce. It fell to its lowest since mid-December at $15.72 an ounce, earlier in the session.
Platinum was up 0.1 percent at $825.40 an ounce and palladium was 0.1 percent higher at $938.50 per ounce.
Reference : Reuters,Kitco
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