Gold gained for a second straight session on Wednesday after soft retail sales implied some loss of momentum in the U.S. economy, putting pressure on the dollar and curbing speculation that the Federal Reserve may raise interest rates sooner than expected.
The metal remained in a narrow range, however, as signs that tensions in Ukraine and Iraq may be easing underpinned stock markets in Europe and the United States.
U.S. gold futures for December delivery settled at $1,314.50 an ounce, up $3.90 on the day, but remained within this month’s $45 trading range. Meanwhile, spot gold was last up 0.3 percent at $1,312 an ounce.
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.