Gold struggles after China rate cut

Source: CNBC
© ScanPix/Reuters
The yellow metal failed to hold early gains on Wednesday, despite the further decline in Chinese stocks, as investors do not consider the recent rate cut by the PBoC as a sufficient measure to boost slowing Chinese economy. Bullion was trading 0.1% lower at $1,136.10 per ounce by 08:48 AM GMT. Meanwhile, the outlook for gold prices remains cautious, as the possible Fed's rate hike in September is still on the table.
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