PRECIOUS-Gold price slips as U.S. growth data supports dollar, U.S. yields
LONDON, Nov 29 (Reuters) - The price of gold fell on
Wednesday, as upbeat U.S. growth data prompted a recovery in the
dollar and a bounce in U.S. Treasury yields, though it remained
stuck within the narrowest monthly range since 2005.
The U.S. data, along with signs of progress with U.S. tax
cuts and Europe's Brexit negotiations, also brought fresh highs
for world stocks on Wednesday, while crypto currency bitcoin
smashed past the $11,000 level for the first time, only hours
after it hit the $10,000 mark.
Gold meanwhile fell further from Monday's six-week high of
just below $1,300 an ounce.
Spot gold was at $1,284.16 an ounce at 1505 GMT, down
0.7 percent, while U.S. gold futures for December
delivery were down $11.80 at $1,283.10.
"This drop in gold came when GDP surprised to the upside,
the dollar started to rally and yields moved higher," Julius
Baer analyst Carsten Menke said.
"The drop in physical demand has made gold very, very
sensitive to the U.S. dollar and U.S. bond yields. There is
basically nothing else that is driving the gold market this