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Gold prices bounced back from a three-week low on Thursday as the dollar weakened after the US Federal Reserve approved plans to unwind its stimulus programme this month while retaining low interest rates for some time.

Fundamentals

  • Spot gold was up 0.3% at $1,774.11 per ounce, as of 0106 GMT, after touching its lowest since Oct. 13 in the previous session.

  • US gold futures rose 0.7% to $1,776.80.

Spot gold may fall to $1,764; China-Taiwan war unlikely

  • The dollar index slipped 0.2% overnight and was trading little changed at 93.847 in early Asia trading.

  • The Fed said it would start trimming its monthly bond purchases in November with plans to end them in 2022, and held to its belief that high inflation would prove "transitory" and likely not require a fast rise in interest rates.

  • Gold, which pays no interest, tends to benefit when interest rates are low as it reduces the opportunity cost of holding bullion.

  • Data on Wednesday showed US private payrolls increased more than expected in October, while US services industry activity surged to a record high last month.

  • Share markets firmed on Thursday after the US Federal Reserve engineered an orderly start to unwinding its massive stimulus programme.

  • Focus now shifts to the Bank of England's policy meeting on Thursday, where it is expected to either raise borrowing costs from an all-time low or say it is waiting to ensure the post-lockdown economy is ready for a rate hike.

  • Japan's services sector activity grew for the first time in 21 months in October as consumer sentiment picked up after the coronavirus pandemic subsided, giving a broad-based boost to demand.

  • Spot silver edged 0.1% higher to $23.52 per ounce. Platinum gained 0.7% to $1,036.48, while palladium climbed 0.6% to $2,012.15.

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