Gold edges down on firmer dollar, palladium hits two-year peak
Gold slipped on Thursday as the dollar firmed, while palladium extended gains to hit a two-year high on economic data and demand from the automobile sector.
Spot gold was down 0.3 % at $1,245.26 an ounce by 2:21 p.m. EDT (1821 GMT), retreating from an intraday peak of $1,253.12, its highest since Feb. 28.
U.S. gold futures shed 0.3 % to $1,246.60.
At the MCX, gold futures for April 2017 contract is trading at Rs 28741 per 10 grams, down by 0.20 %, after opening at Rs 28763, against a previous close of Rs 28800. It touched the intra-day low of Rs 28730
Trading Ideas
*Gold trading range for the day is 28635-29031.
*Gold dropped amid a firmer dollar as markets waited to see if U.S. President Donald Trump will face hurdles on his economic agenda.
*Fed’s Kaplan said that the U.S. central bank should be moving "deliberately but patiently" to remove monetary policy accommodation.
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