US sanctions on Huawei dent risk appetite and soften losses
Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London. Picture: REUTERS/NEIL HALL
Spot gold was down 0.2% at $1,294.31/oz at 10.27am GMT, holding in a relatively narrow range of about $4.“We have seen repeated attempts in the last few days to rise above $1,300 and it [gold] appears to be facing some kind of barrier. There is clearly some selling when it hits that level,” said Capital Economics analyst Ross Strachan, adding that trade tensions and global economic growth concerns continue to offer support for bullion.
The latest move from Washington tempered hopes of a breakthrough in an escalating trade conflict that has rattled financial markets and compounded fears of a slowdown in global growth after weak economic data from China. On the technical front, spot gold is expected to test resistance at $1,307, a break above which could lead to a gain to $1,322, said Reuters technical analyst Wang Tao.
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