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Gold lifts back above US$1,800/oz

Gold prices have risen back above US$1,800/oz after markets in the US fell on Tuesday on disappointing service sector data.
Gold lifts back above US$1,800/oz Gold lifts back above US$1,800/oz Gold lifts back above US$1,800/oz Gold lifts back above US$1,800/oz Gold lifts back above US$1,800/oz

Staff reporter

The spot gold price was about US$1,805/oz just before 10am London time on Wednesday morning.

After surging to a new high for the seventh consecutive session on Friday, the S&P 500 slid 0.2% on Tuesday as talk of a wider correction began to circulate.

US stocks fell after the Institute for Supply Management revealed service sector activity was 60.1% in June, down three percentage points from May and below consensus estimates.

Stocks in Europe also closed lower, with investors keeping a close tab on oil prices, which fell after OPEC talks were abandoned after members failed to agree on production policy.

In Asia, the LME's Singapore desk reported a slight rebound in copper on Wednesday, after falling as much as 2.6% on Tuesday as part of a wider commodity sell-off. Nickel also saw a similar correction.

Lower base metal prices saw shares in mining majors BHP, Anglo American and Rio Tinto all fell on Tuesday afternoon before rising again on Wednesday morning.