gnutrade.satya
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| The precious metal gold saw a flat day |
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The precious metal gold saw a flat day as the market took a breather after hitting three-month lows the day before. The Metal was seen slightly lower as there were few surprises when the Federal Reserve said that the US economy kept growing overall in recent weeks, but unevenly and it actually slowed in a few regions as housing markets softened after the end of a popular tax break.
Standard Bank analyst Walter de Wet said: "For now, the metal looks very bearish technically and to be honest, all these moves since yesterday are heavily technically driven. I think it is going to fall more, but longer term, we still see the bull market intact. Underlying, the same issues that have pushed gold higher still remain."
The August contract for gold settled up $2.40 an ounce at $1,160.40.
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