Gold edged lower on Thursday as investors booked profits after prices rallied to their highest in one week on the US Federal Reserve’s commitment to provide extraordinary support for the country’s economy, hit by the coronavirus.
Spot gold fell 0.2 per cent to $1,733.18 per ounce at 0930 GMT, after hitting its highest since June 2 at $1,739.68 earlier in the session. US gold futures climbed 1.2 per cent to $1,741.40.
“You have short term traders and those who jumped into the gold market when prices were at $1,680, they are happy to take profits at $1,740,” Julius Baer analyst Carsten Menke said.
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