Gold dips on profit-taking, U.S. stimulus caps losses
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Gold eased on Thursday as investors booked profits from a near 2% rally in the previous session, while U.S. stimulus measures to ease the economic blow from the coronavirus outbreak limited losses and kept prices above $1,700 an ounce.
Spot gold slipped 0.3% to $1,707.76 per ounce by 0305 GMT, after gaining as much as 1.9% in the previous session.
U.S. gold futures fell 0.3% to $1,733.40 per ounce.
"The market is probably more inclined to take profit on gold, simply because they are nearing the highs of the recent range," said Stephen Innes, chief market strategist at financial services firm AxiCorp.
"The U.S. kicked in more stimulus, which is really positive for gold because it increases fiscal deficits in the country. And with these low interest rates staying low, this is just a welcoming relief."
Against key rivals, the dollar climbed to a more than two-week peak earlier in the session, making gold costlier for investors using other currencies. Click to read more >>pg slot