Gold Rally Fizzles After One Day

November 7, 2017

New York (Nov 7)  Gold futures inched lower Tuesday morning, moving back near 3-month lows after a relief rally in the previous session.

Dec. gold was down USD3 at USD1278 an ounce, as the dollar steadied against major rivals.

Gold has been trending lower for the past few weeks as US stocks stormed to fresh record highs, denting the safe haven appeal of the precious metals.

However, gold has been supported by rising inflation expectations.

The Bureau of Labor Statistics's JOLTS report for September will be released at 10.00 am ET. Economists are looking for consensus of 6.082 million compared to previous month job openings of 6.082 million.

A report on consumer credit is due at 3 pm ET.

Outgoing Federal Reserve Chair Janet Yellen speaks in Washington this afternoon.


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