3rd September 2015
Gold edged lower on Thursday ahead of the European Central Bank’s policy meeting and key US jobs data that could decide whether the Federal Reserve hikes rates this month.
On the Comex in New York, gold for December delivery shed over $5 to trade at just above $1,128 per ounce.
The yellow metal has fallen the last two days as equity markets have risen, while a broadly stronger US dollar has also dented demand.
Gold has lost around a third of its value from its 2011 peak as investors have gradually retreated from the safe haven.
Expectations the Federal Reserve will raise rates has depressed gold as the metal yields nothing for investors.
Meanwhile, copper was up nearly two per cent as the rebound in equity markets boosted demand for the red metal, which sank to a six-year low two weeks ago amid the stock market meltdown in China.
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