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Gold weakens as the SPDR assets slide

FXStreet (Mumbai) - Gold prices erased the gains witnessed in the previous session to inch lower today, with the assets in the SPDR Gold trust posting the longest period of decreases since May 2013.

The yellow metal for December delivery traded 0.76% lower at USD 1152.70/Oz levels at the time of writing, compared to the previous session’s close of USD 1161.50. Meanwhile, Holdings in the SPDR, the largest exchange- traded product backed by Gold, fell to a six-year low of 720.62 metric tons yesterday, registering a contraction for eighth day.

Moreover, gold is on its way to post first annual loss since 2000 as falling energy prices have reduced the demand for Gold as an inflation hedge. Plus, the speculation regarding the timing of interest rate hike is also keeping Gold bulls at bay.

Gold Technical Levels

Gold has an immediate support located at 1145.50, under which prices can fall to 1137.10 levels. Meanwhile, resistance is seen at 1167 and 1172 levels.

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