Global Gold prices slip as strong macro data increases hopes of swift economic recovery

Gold prices decreased on Wednesday as the dollar rebounded after robust U.S. manufacturing data bolstered hopes of a swift global economic recovery, rubbing some of the allure off safe-haven bullion.

Spot gold fell 0.3 percent to $1,964.86 an ounce by 0652 GMT, after hitting $1,991.91 on Tuesday, its highest since Aug. 19. U.S. gold futures dropped 0.4 percent to $1,971.10.

Spot gold may fall to $1,938, following its failure to break a resistance at $1,996 per ounce, said Reuters technical analysts Wang Tao.

Elsewhere, silver dipped 0.8 percent to $27.94 per ounce, platinum slipped 0.5 percent to $935.91, and palladium fell 0.2 percent to $2,267.32.