Gold was steady just above $1,300 this morning, but gains were limited by a second day of outflows from gold funds.
Spot gold was up less than 0.1 percent at $1,304.36 an ounce . Japanese and Australian shares fell following a late dip on Wall Street, although stocks in South Korea, Taiwan and Singapore managed minor gains.
The metal fell to a six-week low of $1,298.29 in the previous session, trading below the $1,300 level briefly before moving back up.
The technical outlook for gold is bearish, and barring sudden changes in fundamentals, this technical bearishness is likely to prevail over even slightly more optimistic sentiments from the fund side.There is a chance for the gold price to break below $1,300 per ounce soon.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1.80 tonnes to 816.97 tonnes on Wednesday after losing 2.70 tonnes in the previous session.
Gold has been under pressure recently, after hitting a six-month high of $1,391.76 earlier this month.Physical demand from key consumer Asia has also been weak.With India not buying much and Chinese demand faltering
Among other precious metals, platinum rose 0.4 percent on worries over supply constraints.
South Africa's government mediator met with the striking Association of Mineworkers and Construction Union on Wednesday to restart talks aimed at ending a crippling platinum strike now entering its tenth week.
Palladium was also supported by geopolitical tensions in Russia - the world's biggest producer of the metal.
Spot gold was up less than 0.1 percent at $1,304.36 an ounce . Japanese and Australian shares fell following a late dip on Wall Street, although stocks in South Korea, Taiwan and Singapore managed minor gains.
The metal fell to a six-week low of $1,298.29 in the previous session, trading below the $1,300 level briefly before moving back up.
The technical outlook for gold is bearish, and barring sudden changes in fundamentals, this technical bearishness is likely to prevail over even slightly more optimistic sentiments from the fund side.There is a chance for the gold price to break below $1,300 per ounce soon.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1.80 tonnes to 816.97 tonnes on Wednesday after losing 2.70 tonnes in the previous session.
Gold has been under pressure recently, after hitting a six-month high of $1,391.76 earlier this month.Physical demand from key consumer Asia has also been weak.With India not buying much and Chinese demand faltering
Among other precious metals, platinum rose 0.4 percent on worries over supply constraints.
South Africa's government mediator met with the striking Association of Mineworkers and Construction Union on Wednesday to restart talks aimed at ending a crippling platinum strike now entering its tenth week.
Palladium was also supported by geopolitical tensions in Russia - the world's biggest producer of the metal.