Gold bullion prices settled back slightly during moderate European trading, with the market seeing some sub-$1,330 technical selling and liquidation.
– Traders said the market otherwise lacked inspiration, with the dollar doing little and investment interest low-key.
“In the short term, with physical demand for gold weak in India and China, all the buying is being left to investors,” FastMarkets’ William Adams said. “Now that prices have stopped rising – they have been trading sideways since July – there is a risk that investors move to the sidelines.”
– Spot gold was indicated at $1,324.15/1,324.55 per ounce, a $3.00 loss from the previous close, with prices comfortable near $1,325.
– In others, spot silver likewise drifted – it was six cents lower at $19.10/19.12 per ounce. But the PGMs were stable – platinum was up $1 at $1,022/1,027 while palladium gained $2 to $699/707.
(Editing by Mark Shaw)
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