Gold little changed ahead of Fed Chair nomination

| Updated: October 26, 2017 12:09:58

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Gold traded sideways on Tuesday, with investors bracing for the possibility of an early announcement on the next US Federal Reserve chair.

Spot gold slipped 0.1 per cent to $1,280.80 an ounce by 0700 GMT, after hitting its lowest since Oct. 6 at $1,271.86 in the previous session, according to Reuters.

US gold futures for December delivery rose 0.1 per cent to $1,282.30 per ounce.

The dollar eased against a basket of major currencies but edged up versus the yen.

Reuters technicals analyst Wang Tao, however, said spot gold may break a resistance at $1,283 per ounce and rise into a range of $1,289-$1,295.

In other precious metals, silver was up 0.2 per cent to $17.08 an ounce after hitting its lowest since Oct. 9 in the previous session.

Platinum was up 0.6 per cent at $926.10 an ounce and palladium rose 0.6 per cent to $964.93 an ounce.


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