Gold nudges higher but downside bias remains

London (Aug 5)   Spot gold nudged higher on Tuesday morning but the near-term bias remains on the downside, while clear and trend-breaking drivers are lacking.

Since peaking above $1,345 on July 10, the yellow metal has now lost more than $50 – it was last at $1,292.40/1,293.20 per ounce, a gain of $5.20 on Monday’s close.

Silver followed gold today – it was last up nine cents at $20.23/20.28 per ounce – though intraday trading has been confined to a narrow 14-cents range.

“Gold is still trading below the $1,300 mark, apparently supported latterly by ETF inflows: In July, the ETFs tracked by Bloomberg on a monthly basis recorded a net inflow again for the first time since March,” Commerzbank said.

Source: MineWeb