Gold recovered from three-week lows on Friday aided by the dollar’s retreat after better-than-expected Chinese data and a stronger euro, while traders focussed on the Federal Reserve’s guidance on interest rates next week.
Spot gold was up 0.4% to $1,917.49 per ounce by 1031 GMT, after hitting its lowest since Aug.23 in the previous session. U.S. gold futures gained 0.3% to $1,939.
“We are seeing a consolidation in the euro and the slightly-recovering yuan against the U.S. dollar. This is positive for gold, which is strongly holding above $1,900 per ounce,” said Carlo Alberto De Casa, analyst at Kinesis Money.
Source: CNBC
