• Bengaluru: Gold fell on Friday after hitting a seven-week peak in the previous session as the dollar edged up and a technical correction set in, but it was still set to end higher for a third straight week.
Spot gold had dropped 0.2 percent to $1,193.66 per ounce by 11.33am. It touched its strongest since 23November at $1,206.98 on Thursday.
• “Currently we see that gold is overbought and needs some technical correction,” said Jiang Shu, chief analyst at Shandong Gold Group.
• He added that prices could fall towards $1,170 an ounce before climbing above $1,210, although they may decline again in the run up to a March meeting of the US Federal Reserve.
• Reuters technical analyst Wang Tao said spot gold faced a strong resistance zone of $1,205-$1,210 per ounce, and may retrace steps back towards support at $1,172.
• Among other precious metals, spot silver fell 0.3% at $16.65, after hitting a near one-month high of $16.92 in the previous session.
Reference: Reuters
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