Gold steadied above US$950oz yesterday but was off the previous day’s 6-½ week high as caution returned after prices neared US$960. Gold has mostly moved in a range of US$945/960 oz for the past week with strong technical resistance towards the US$960 oz level, which was last touched on June 11.
Gains have also been capped by weak physical demand. High prices, combined with the fact that it is a slow season for gold demand, have forced jewelers in India, the world’s largest consumer of the metal, to step back to the sidelines. Gold XAU was US$955.20 oz at 0619 GMT, up 0.3% from the notional close in New York of US$952.65. It rose to a 6-1/2-week high of US$958.70 on Monday. U.S. gold futures for August delivery GCQ9 were $955.50 an ounce, up 0.2%
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