Gold Prices Inch Lower In Choppy Trade

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Gold prices fell slightly on Wednesday after hitting their highest in over three months the previous day on the back of global political and economic uncertainties.

Spot gold was down 0.23 percent at $1,230.57 an ounce after hitting its highest level since July 17 at $1,239.68 on Tuesday. U.S. gold futures were marginally lower at $1,233.30 an ounce.

Risk appetite improved somewhat today as Chinese markets recovered some lost ground and European stocks edged higher on the back of some encouraging earnings reports.

However, U.S. stock futures point to a decline on worries about earnings, Italian government finances and mounting tensions between the U.S. and Saudi Arabia over the death of dissident journalist Jamal Khashoggi.

Markets also await U.K. Prime Minister Theresa May's key address to Conservative Party lawmakers in parliament on Brexit for directional cues.
 
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