Gold inches higher, buoyed by weakness in most other assets, especially the dollar
Bengaluru — Gold inched up on Wednesday after hitting its lowest in five weeks in the previous session, buoyed as equities fell and the dollar eased from one-month highs following a tumble in crude oil prices. A renewed slump in oil markets to seven-month lows put Asian investors on edge, and pushed down US Treasury yields and the dollar index against a basket of currencies. "It’s mostly the dollar (supporting gold). It is a little bit weaker than yesterday’s closing," said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank. Spot gold was up 0.3% at $1,246.25 an ounce by 4.23am GMT, after dropping as far as $1,241 in the previous session. US gold futures for August delivery climbed 0.3% to $1,247.50/oz. Gold was also being supported by a bout of short-covering following its recent weakness, OCBC analyst Barnabas Gan said. However, the possibility of another interest rate hike by the US Federal Reserve this year was underpinning the bearish outlook for the yellow metal, he sa...
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