Gold steadied on Wednesday, consolidating around the key $1,500 level, buoyed by uncertainty around political risks such as the unrest in Hong Kong amid global growth concerns, while a slight easing of the Sino-U.S. trade tensions kept prices in check.
Spot gold was steady at $1,501.73 per ounce at 0251 GMT. U.S. gold futures were down 0.1% at $1,512.10 an ounce. "Easing in trade tensions, geopolitical risks have provided some sort of hope in the markets which boosted equities, because of this there is a brief pullback in gold prices," said John Sharma, an economist with National Australia Bank."However, the trade dispute is still not resolved. Geopolitical risks in Hong Kong, trends in global growth and we are also expecting at least one more cut from the Federal Reserve. All these factors are supportive for gold,"
Spot gold was steady at $1,501.73 per ounce at 0251 GMT. U.S. gold futures were down 0.1% at $1,512.10 an ounce. "Easing in trade tensions, geopolitical risks have provided some sort of hope in the markets which boosted equities, because of this there is a brief pullback in gold prices," said John Sharma, an economist with National Australia Bank."However, the trade dispute is still not resolved. Geopolitical risks in Hong Kong, trends in global growth and we are also expecting at least one more cut from the Federal Reserve. All these factors are supportive for gold,"
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