Gold Silver Reports (GSR) – Also supporting gold was a prolonged partial U.S. government shutdown and expectations that the Federal Reserve will hold its multi-year rate hike cycle, analysts said.
Higher interest rates tend to reduce the appetite for non-yielding bullion.
Reflecting investors’ appetite for gold, holdings of the SPDR Gold exchange-traded fund (ETF), the largest gold-based ETF, was at its highest since June 2018.
Steady moves in the dollar even after dovish comments from Fed and disappointing macro economic data is restricting gold’s movement besides its inability to break above the resistance @ $1302.
Spot gold may break a support @ $1280 per ounce and fall to the next support @ $1267, as suggested by its wave pattern, According to Skynet Trading Solutions technical analyst Neal Bhai, INDIA..
Silver rose 0.1 percent to $15.39 an ounce, while platinum was up 0.5 percent at $792.
Meanwhile, palladium, which hit a record high of $1434.50 an ounce last week on low inventories and rising demand, fell for a fourth straight session, shedding 0.2 percent to $1,343.
