Gold Price Extends Losses As Dollar Rebounds

London (Aug 29)  Gold prices fell on Wednesday to extend losses from the previous session as the dollar rebounded on expectations of strong US growth, rate hike expectations and lingering Sino-US trade tensions.

Spot gold was down 0.34% at USD1,203.30 an ounce after closing 0.8% lower on Tuesday. US gold futures were down 0.41% at 1,209.40.

The Federal Reserve is expected to raise interest rates in September and December as the labor market continues to strengthen.

US economic data released on Tuesday proved a mixed bag, with June home prices showing slowing growth, while a measure of consumer confidence surged to near 18-year high in August.

A revised reading on second quarter US GDP and a report on pending home sales in July may attract investor attention later today.

AllianceNews