Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
Gold was little changed as the dollar pared gains on Wednesday, after bullion inched down to the lowest in more than three months following the previous day's sharp sell-off and a technical break well below the key $1,300-an-ounce level.
Spot silver and platinum prices also extended losses to the lowest since late June.
Spot gold was down 0.1 percent at $1,267.96 an ounce at 3:23 p.m. ET, after falling to $1,261.59, the
lowest since June 24, when the market reacted to Britain's shock vote to leave the European Union. This followed Tuesday's 3.3 percent fall, its biggest daily loss in three years. U.S. gold futures for December delivery settled down 0.1 percent at $1,268.60.
Traders said a break of the 200-day moving average at $1,258 could spark another sell-off, which could drive gold toward $1,248, a Fibonacci retracement level. "The stronger dollar, a break of key technical levels, speculative positioning which was very long, weak physical Chinese and Indian demand all contributed," said Carsten Menke, analyst at Julius Baer, referring to recent weakness.
"We could see more speculators head for the exit. You could see a downward spiral, and the big risk is it spills over into the physical market."
"Gold prices slumped as strong U.S. data and hawkish U.S. Fed comments spurred expectations for a December Fed rate hike," said UBS Wealth Management Research in a report, adding that it has lowered its three-month estimate to $1,225 to $1,375 from $1,275 to $1,425.
"We lower our three-month trading range by $50/oz because a December hike is still not fully priced, and a solid U.S. payrolls number on 7 October could prompt further profit-taking by a similar magnitude."
Traders turned their attention to U.S. payrolls data for September, due Friday. Also weighing on gold is weak demand from physically backed exchange traded funds, at 56.753 million ounces on Tuesday, not much higher than the 56.266 million ounces recorded on Sept. 1.
Silver was down 0.01 percent at $17.78 an ounce, after falling to $17.51, the lowest since June 24. "We see investors buying gold and, especially silver, on any pullback in the prices as some silver investors see silver as a better chance of tripling in price in the future," said Walter Pehowich, vice president of Investment Services for Dillon Gage Metals.
Platinum was down 0.8 percent at $974.15, after falling to $966.10, the lowest since June 28, while palladium was down 3 percent at $676.30.