Gold Price Extends Losses As Dollar Holds Steady

August 2, 2018

New York (Aug 2)  Gold prices moved lower on Thursday to extend losses from the previous session as the dollar index held on to its gains after the conclusion of FOMC meeting.

The Federal Reserve on Wednesday kept interest rates steady, as widely expected, and called risks to the economic outlook "roughly balanced", raising the probability of rate hikes in September and December.

Spot gold was down 0.1% at USD1,216.54 an ounce after declining 0.65% the previous day. US gold futures were down 0.22% at USD1,224.80 an ounce.

The Bank of England looks set to raise interest rates by 25 basis points later today despite the Brexit risks and significant changes in the external environment.

Stocks fell across Asia and Europe today and the dollar remained supported after US President Donald Trump proposed higher 25% tariff on USD200 billion worth of Chinese imports.


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