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Gold consolidating above $1,300 an ounce

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NEW YORK (Scrap Register): Gold is consolidating above the psychological $1,300-an-ounce level after recent strength, said MKS (Switzerland) S.A.

“Strong interest through Globex coupled with a heightened on-shore premium in China toward $14 kept pricing buoyant throughout the [Asian] session, while the dollar eased modestly to underpin gains,” analysts added.

They note that 125,000 ounces of inflows were recorded by gold exchange-traded funds Tuesday.

“Supportive interest toward $1,300 holds the key for a constructive move higher from here, while resistance cuts in $1,310-$1,315,” MKS noted.

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