* Speculators cut net longs in COMEX gold
* Gold targeting a $1,483-$1,503/oz range - techs
* SPDR Gold holdings slip 0.1% on Friday
By Harshith Aranya
Aug 19 (Reuters) - Gold prices slipped on Monday due to a stronger
U.S. dollar and a recovery in equities, as hints of more stimulus from
major central banks around the world eased concerns about a recession.
Spot gold was down 0.5% at $1,505.98 per ounce at 0759 GMT.
U.S. gold futures also fell 0.5% to $1,516.80 an ounce.
"The dollar is getting stronger, and given that gold had a
very good rally over the last few weeks, we are just seeing some
profit-taking coming in," said OANDA analyst Jeffrey Halley,
adding that the recovery in equities is somewhat fragile and gold
The dollar index , against a basket of six major currencies,
hovered near a two-week high reached on Friday, making
greenback-denominated gold costlier for investors holding other
The 10-year U.S. Treasury yield pulled away from a three-year
trough hit last week.
Asian stocks on Monday tracked a rally on Wall Street, with
support from a move by China's central bank to change the way a key
interest rate benchmark is set, which is seen reducing borrowing costs
Spot gold has gained 19% so far since falling to the year's low of
$1,265.85 in May.
"There is still plenty of interest to buy gold on any dips as
a hedge against uncertainty in the global economy," Halley said.
U.S. President Donald Trump said on Sunday he was "not ready
to make a (trade) deal yet" with China, hinting that the White
House would like to see Beijing resolve ongoing protests in Hong Kong
Investors are now awaiting the U.S. Federal Reserve's Jackson Hole
symposium this week to get greater clarity on the future path of
interest rates. Traders see about a 71% chance of a 25 basis-point cut
"The precious metal though easing up on bullish gains from
U.S. dollar vigour will remain supported over subdued global growth
and accommodative monetary policy by global central banks,"
Phillip Futures analyst Benjamin Lu said in a note.
Spot gold still targets a range of $1,483-$1,503 per ounce, as
suggested by its wave pattern and a retracement analysis, said Reuters
technical analyst Wang Tao.
SPDR Gold Trust , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.10% to 843.41 tonnes on
Hedge funds and money managers trimmed their bullish stance in
COMEX gold and cut net long positions in silver contracts in the week
to Aug. 13, the U.S. Commodity Futures Trading Commission (CFTC) said
Meanwhile, silver eased 0.6% to $16.98 per ounce.
Platinum rose 0.5% to $848.83 an ounce, and palladium
gained 0.6% to $1,456.25 an ounce.
(Reporting by Harshith Aranya and Eileen Soreng in Bengaluru; editing
by Rashmi Aich and Sriraj Kalluvila)
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