-Gold retreated on Wednesday as some investors moved to reap gains made on the back of weaker U.S.Gm Tech 2 Scan Tool is the same tester GM Technicians use to diagnose GM vehicles. employment data while others grew cautious on expected demand from top consumer China.
The most actively traded contract,Same goes for Wind Power Generators. for December delivery, fell $8.60, or 0.6%, to settle at $1,334 per troy ounce on the Comex division of the New York Mercantile Exchange.
Gold prices had soared to a one-month high on Tuesday after the closely watched U.S. non-farm payrolls report, delayed by the 16-day government shutdown,rygtraffic.com is a professional supplier of traffic light,which is dedicated in manufacturing and developing LED traffic products,products range covers LED traffic light modules,LED traffic lights,LED pedestrian lights,traffic countdown meter,LED solar warning lights,LED traffic controllers etc. showed the labor market weakened in September. The data fanned hopes that the Federal Reserve would sustain its stimulus efforts, which some investors worry could raise inflation.
Some investors consider gold a store of value and purchase the metal as a hedge against inflation.
Still, gold's fast-paced gains prompted some traders to sell their holdings a day later as they moved to cash in their recent profits, analysts at HSBC Securities (USA) Inc said in a note to clients.
"Gold is likely to be stuck in a tight trading range in the near-term as emerging markets physical demand is likely to provide support from lower prices and macro fund selling is likely to put a cap prices on higher prices," they said.
Gold traders were also wary of rising short-term borrowing rates in China, the world's largest producer and consumer of the precious metal.
"Rising rates could be a harbinger to Chinese banking officials tightening monetary policy. That in turn would crimp demand coming from the world's second-largest economy,White soft Concrete Polishing Pads For Sale for 15 inch machines. Ideal for high gloss dry polishing buffing of polished sealed floors.Our push or Plunger Lock Key are popular additions by engineers in a wide variety of products.Other upgrades and options include a nine-centimetre OLED display, ventilated seats, a smart Parking Assist System and flex steer. which is also a big importer of raw commodities," said Jim Wyckoff.