The gold price was confined to a tight range during afternoon London trading on Monday, despite the dollar looking considerably weaker.
Spot gold was last seen at $1,171.20/1,172.00 per ounce, up 50 cents on the previous session, having traded within an $8 intraday range so far.
Other metals were similar, silver dropped below the $16 per ounce mark and was last seen at $15.94/15.99 per ounce, down 12 cents while platinum at $1,097/1,102 was up $6 and palladium was down $5 at $742/748.
The dollar slipped following news reports that suggested that US President Barack Obama is worried about the strength of the US currency; however, those reports have since been denied by the White House itself.
The alleged comments, nevertheless, have reignited fears that the stronger greenback will weigh on growth and exports at a time where the Federal Reserve is locked in an increasingly public debate on when will be the right time to normalise monetary policy.
The dollar was last at 1.1229 against the euro, down around 1.14 percent for the session.
In data, German industrial production at 0.9 percent surpassed expectations at 0.6 percent, as did the country’s trade balance at 22.3 billion euros against consensus at 18.1 billion euros.
The Chinese trade balance at $59.5 billion beat the forecast $44.9 billion and was higher than the previous $34.1 billion while Japanese final GDP at 1.0 percent was stronger than the predicted 0.7 percent. There are no numbers of note from the US today.
(Editing by Tom Jennemann)
The post Gold price fails to make gains despite weaker dollar appeared first on The Bullion Desk.
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