FOX LIVE NEWS UPDATE
PRECIOUS-Gold gains slightly as lower price levels induce buying
Aug 7 (Reuters) – Gold prices rose on Tuesday, propped up by buying after a recent price slump, but a strong dollar and expectations of further interest rate hikes in the United States limited interest in the precious metal.
Spot gold XAU= was up 0.3 percent at $1,209.20 an ounce at 0332 GMT.
U.S. gold futures GCcv1 were flat at $1,217.6 an ounce.
“There’s some very light demand from China and Southeast Asia. We’re just seeing some buying ahead of the first technical support around $1,205,” a Sydney-based trader said.
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