Gold Hits One-Week Low As Dollar Firms

Gold inched lower on Wednesday to touch a one-week low, after suffering its biggest single-day loss in nearly a month in the previous session, on a firmer dollar.

                                           The safe haven asset slid nearly 1 % on Tuesday, its biggest single session percentage loss since Aug. 30, as investors viewed that Democrat Hillary Clinton had won the first U.S. president debate against Republican rival Donald Trump, boosting the appetite for riskier assets like equities.

                 Spot gold fell 0.2 % to $1,324.71 an ounce by 0430 GMT on Wednesday, and touched a bottom of $1,324.35, the lowest since Sept. 21.


 U.S. gold futures eased 0.1 % to $1,328.50 an ounce.

 

Gold can move further to the downside in the coming days with key support at the 100 day moving average of about $1,310, according to MKS trader James Gardiner.

 

Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.22 % to 949.14 tonnes on Tuesday.Get live News Updates visit us at Ripples Advisory or One Missed Call on @98-27-80-80-90.

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