• Gold prices held steady on Thursday aftertouching an over two week high, buoyed by political turmoil inthe United States and tempered expectations for an aggressivestring of U.S. interest rate hikes.
Spot gold <XAU=> was flat at $1,260.61 per ounce by 0345 GMT, after earlier touching its strongest since May 1 at $1,263.02. It rose about 2 percent on Wednesday in its biggest one-day percentage gain since June last year.
• Spot gold may retrace moderately to a support at $1,252 per ounce, before retesting a resistance at$1,264, according to Reuters technical analyst Wang Tao.
• "I think prices have already been pushed up and we might see reversing of gold prices in one or two days. People are likely to go back to basics and see what the interest rates are going to be," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
• Among other precious metals, silver <XAG=> inched 0.1 percent higher to $16.87 an ounce.
Reference: Reuters
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