Gold held steady on Wednesday after dropping to five-month lows in the previous session, with investors waiting for more U.S. economic data to gauge whether the Federal Reserve will begin cutting monetary stimulus from this month.
Spot gold was unchanged at $1,223.75 an ounce by 0024 GMT, after slipping to $1,215.60 on Tuesday – its lowest since early July.
Strong U.S. manufacturing data sent the metal down sharply earlier this week as markets believe a recovering economy would prompt the Fed to slow its $85 billion in monthly bond purchases.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.