Gold steady but seen rising on firmer physical demand
Analysts expect further gains after a retreat in the dollar
London — Gold was little changed on Wednesday but analysts expect further gains after a retreat in the dollar and signs of healthy physical demand. Gold had the potential to claw higher in the short term after the dollar pulled back from near nine-month highs and due to increasing appetite from speculators, one analyst said. "We’ve seen the dollar rally halted and that may give gold some additional room to manoeuvre to the upside, so I’m quietly constructive for gold," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "Outside markets are supportive — we’re seeing weakness in stock markets, oil is trading lower and the dollar is a tad weaker." Spot gold had declined 0.33% at $1,269.63 an ounce by 2.50pm GMT. In the previous session, it hit $1276.67, its highest since October 5. US gold futures edged 0.28% lower to $1,270. The dollar index slipped after rising as high as 99.119 on Tuesday, its highest level since February 1, largely fuelled by expectations of a ...
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