Gold drops three-week low as investors look to equities

Gold hit a three-week low on Thursday, after falling more than 1 per cent in the previous session, as investors looked to buy into rising equity markets rather than purchasing safe-haven assets.

Asian stocks climbed to nine-month highs on Thursday, helped by a pickup in capital inflows and a recovery in global oil prices, while the dollar stood strong on US equity market gains.

Spot gold fell 0.1 per cent at $1,314.20 an ounce by 0406 GMT. It touched a low of $1,310.56 earlier in the session, its lowest since June 28. Bullion fell 1.2 per cent on Wednesday.
US gold was down 0.4 per cent at $1,314.20 an ounce.

Spot gold has found a support at $1,313 per ounce, and may hover around this level temporarily before falling towards the next support at $1,298, according to Reuters technical analyst Wang Tao.

Spot silver was on track for its sixth straight session of losses, tying a streak in December 2015. It fell 0.7 per cent to $19.26 an ounce.

Platinum, which hit a two-week low on Wednesday, was down 0.3 per cent to $1,076.60.

Palladium, which hit its highest in nearly nine months on Wednesday, was down 0.5 per cent at $666.35 per ounce.

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