- Bullion was sold off on Thursday as traders from China decided to take profits after they returned to work from a long holiday.
- The price of gold declined 0.48% to trade at $1,143.20 per troy ounce during the trading session in Europe, after hitting $1,153.30 per ounce a day ago, the highest level since September 24.
- The greenback is weakening amid growing expectations that the Federal Reserve (Fed) will delay its interest rate hike until next year, most likely March, amid signs the US economy is losing steam.
- Later in the day, the Fed will publish minutes from its September meeting when policymakers refrained from raising rates, citing weakness in China and mounting fears about global economic growth.
- We prefer to take short position at $1145, stop loss $1157 and target at $1125 levels.
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