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Gold flat as dollar off 13-month lows

July 24, 2017

Gold prices remained roughly unchanged on Monday, as investors mulled over mostly upbeat economic data ahead of the Federal Reserve’s policy meeting later this week while continued U.S. political uncertainty limited downside momentum.

 

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $0.45, or 0.04%, to $1,254.47 a troy ounce.

 

Gold prices pulled back from highs on Monday, amid an uptick in the greenback, following upbeat economic reports easing investor concerns about a slowdown in the U.S. economy.

 

On Monday, Markit's manufacturing and services flash surveys both showed the U.S. beating expectations.

In a separate report, the National Association of Realtors said Monday, sales of second-hand homes slid in June to the lowest level since February as tight supply and high prices weighed on housing activity despite strong demand.

 

Sales of previously-owned homes fell 1.8% in June from the previous month, to an annualized pace of 5.52m units.

 

U.S. political uncertainty also added a measure of support for the precious metal, as President Donald Trump's son-in-law and senior advisor Jared Kusher, in his testimony to the Senate Intelligence Committee, said neither that neither he or anyone in the Trump campaign team colluded with Russian officials over the US election.

 

Dollar-denominated assets such as gold are sensitive to moves in the dollar – A rise in the dollar makes gold more expensive for holders of foreign currency and thus, decreases demand.

 

The trio of economic reports come ahead of the Federal Reserve’s policy meeting slated for Wednesday, with the majority of analysts expecting the Fed to keep its benchmark rate unchanged.

In other precious metals, silver futures fell 0.18% to $16.428 a troy ounce while platinum futures lost 0.56% to $932.12.

 

Copper traded at $2.738, up 0.57%, while natural gas, fell by 2.80% to $2.881.

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