London — Gold dipped on Wednesday, erasing earlier slim gains as the dollar index moved into positive territory, though a retreat in global stocks after Tuesday’s record high kept the metal hemmed within a narrow range. Spot gold was down 0.4% at $1,326.07 an ounce at 2.10pm GMT, off an earlier peak of $1,334.65. The metal’s move lower came as the dollar erased earlier losses to rise 0.4% versus a basket of currencies. A firmer dollar makes gold more expensive for holders of other currencies. "This seems to be currency led," Saxo Bank’s head of commodity research Ole Hansen said. "I’m somewhat surprised that gold managed to find support ahead of $1,321.50, the 23.6% retracement of the July to September rally, but with (North Korean leader) Kim vowing to keep pushing his nuclear ambitions, the geo-risk is never far away." Demand for gold, seen as a safe investment in uncertain times, revived earlier after US President Donald Trump pledged stronger measures against North Korea and Pyo...
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