Gold declines as investors await BOE rate decision

Gold fell on a daily basis as it breached the support at 1,363.43 an ounce, allowing the metal to drop as a correctional move to the downside and target the support at 1,347.90.

Gold for immediate delivery traded at 1,357.81 an ounce, compared with the opening levels of 1,363.45 an ounce while setting a high of 1,364.30 an ounce and a low of 1,357.18 an ounce. Gold futures traded lower by 0.48% or $6.600 to trade at $1,358.900 an ounce.

Major Market Movers

BoE rate decision will cast its shadow on markets, where investors look upon the decision of the bank in order to extract the bank's outlook on inflation in UK, nonetheless, the bank is highly projected to preserve interest at 0.50 percent and the APF program at £200.0 billion.

Manufacturing and industrial data from UK will also influence trading ahead of US jobless claims report that should support the previously announced drop in unemployment in the U.S. where it reached in January 9.0 percent from the previous 9.4 percent.

The S&P GSCI index closed at 654.55 yesterday after gaining 6.34% in trading from the opening levels of 650.86. The Reuters Jefferies CRB index gained 2.18% to close trading 339.43, compared with the opening levels of 337.05.

Gold Fixes & Dollar's Movement:

Talking about metal Fixes (Feb 9), Gold fixes at AM Fix was set at $1,362.50 an ounce, and by the PM fixing at $1,365.00 an ounce, meanwhile silver fixing was set at $30.220000 an ounce and Platinum AM Fixing was set at $1,863.00 an ounce, and at 1,858.00 an ounce during the PM fixing, finally the Palladium AM fixing was set at $836.00 at the AM fixing while being set by PM fixing at $835.00 an ounce.

The US dollar index, which tracks the performance of the dollar against six-majors, traded at 77.97, compared with the opening levels of 77.74, while setting a high of 77.97 and a low of 77.74.

Other Metals

Silver for immediate delivery traded lower at $29.93 an ounce, compared with the opening levels of $30.19 an ounce, while setting a high of $30.23 an ounce and a low of $29.91 an ounce. Silver future contracts traded lower by 1.01% or 0.306 to trade at 29.970 an ounce

Platinum for immediate delivery traded lower by $20.50, at $1,835.00 an ounce, Palladium dropped by $6.75 to trade at $821.50 an ounce.