Gold slips as dollar strengthens, investors eye Fed appointments

WASHINGTON: Gold prices slipped slightly on Wednesday as the dollar regained strength, prompting investors to stay cautious ahead of key announcements on the US Federal Reserve by President Donald Trump.

As of 0312 GMT, spot gold was down 0.1 percent at $3,376.01 per ounce, after touching a nearly two-week high in the previous session. US gold futures also dipped 0.1 percent to $3,431.10.

The dollar recovered from a one-week low seen on Tuesday, making gold less attractive for buyers using other currencies.

“Gold prices are consolidating and showing a slight upward trend,” said Brian Lan, managing director at GoldSilver Central in Singapore. “We expect them to test higher levels around $3,393 and possibly $3,400.”

Trump expected to name temporary Fed governor and next chair soon

Investors are now watching for Trump’s decision on who will temporarily replace Federal Reserve Governor Adriana Kugler, who resigned last Friday. He is also expected to name his choice for the next Fed chair soon.

Following weaker-than-expected jobs data released last week, Trump dismissed the head of the US Bureau of Labor Statistics. The CME FedWatch tool now shows an 87 percent chance of a rate cut in September.

On the trade front, Trump renewed his threat to impose higher tariffs on Indian goods in response to India’s purchases of Russian oil. India called the move “unjustified” and pledged to defend its economic interests, adding strain to already tense trade ties.

Meanwhile, the Perth Mint reported a sharp drop in sales for July. Gold product sales fell 33 percent from June, and silver sales hit a six-month low.

Among other precious metals, spot silver held steady at $37.82 per ounce. Platinum dropped 0.5 percent to $1,313.94, while palladium fell 1 percent to $1,164.15.

Gold price in Pakistan

Gold prices in Pakistan fell on Tuesday, mirroring a decline in the international market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs1,500 per tola, settling at Rs358,000. The price of 10-gramme gold also fell by Rs1,286, reaching Rs306,927.

A day earlier, gold had gained Rs500 per tola, closing Monday at Rs359,500.

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