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November 16, 2017

Gold steadies

Business

November 16, 2017

Bengaluru: Gold prices held steady on Wednesday as investors awaited October consumer inflation data from the United States due later in the day for potential hints on the Federal Reserve´s monetary tightening policy.

Spot gold was nearly unchanged at $1,280.94 per ounce at 0658 GMT.

On Tuesday, gold touched $1,270.56, its lowest since Nov. 6, before recovering to close 0.2 percent higher.

U.S. gold futures for December delivery slipped 0.1 percent to $1,281.10. "Gold is still stuck in a tight range as traders are waiting for additional signals before taking any view," ANZ analyst Daniel Hynes said.

"This (U.S. consumer inflation data) is one of the most important data, which could dictate sentiment leading into the next Fed meeting. Obviously, a rise in inflation is what the market is looking for but for now, it is taking a cautious approach," Hynes added.

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