LONDON, April 20: Gold eased slightly in European trading on Wednesday, but held within ranges despite touching a one-month high, tracking the dollar, dealers said. The metal was unlikely to make a significant move before US consumer price index data later on Wednesday, they said.
Spot gold was trading at $432.10/432.90 an ounce, down from $432.50/433.25 in late New York trade on Tuesday.
The euro was slightly weaker at $1.3040 drifting back after rising to a one-month high of $1.3083. Silver traded at $7.20/ 7.23, versus $7.22/7.25 on Tuesday in New York.
Silver will find it difficult to penetrate the stiff band of resistance evident between $7.25 and $7.35 unless gold and/or copper make major gains, Standard Bank said in a note.
Platinum broke higher to $873.00/877.00 from New York’s $865.00/870.00, while palladium was down $1 at $198.00/202.00.
Platinum’s close above resistance pegged at $865 was technically positive and the market now looks set to challenge the band of resistance in place between $875 and $885, Standard Bank said.—Reuters
