Gold rose on Wednesday, with investors’ willingness to take risks fading as they booked profits on the dollar and braced for the outcome of oil cartel Opec’s meeting on cutting output to boost the price. Spot gold rose 0.4% to $1,192.74 an ounce by 2.33am GMT. US gold futures were up 0.3% at $1,191.40/oz. "We have the Opec meeting today, nonfarm payrolls on Friday and the Italian referendum this weekend. There’s a bit of underlying bid in gold because of risks coming through in the next few days," said Jeffrey Halley, senior market analyst at Oanda brokerage in Singapore. "There’s a bit of buying with some general profit taking on the long dollar positions," he said. "We still have a quite formidable resistance at $1,198-$1,200 area and gold will struggle to sustain any sort of advance above this." Oil markets were jittery on Wednesday ahead of an Opec meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen pr...
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