London/Bengaluru — Gold prices edged up on Thursday after hitting the lowest level in more than a week, driven down by a firm dollar that dented demand for dollar-priced gold, and by soaring stock markets. The dollar index was broadly steady against a basket of major currencies, having spiked briefly overnight after 10-year US treasury yields rose on rate-hike expectations and investor risk appetite. World stock prices, which often trade counter to gold, set new record highs before stalling in Europe on nervousness over political turmoil in Spain, the eurozone’s fourth largest economy. "There’re technical reasons why we’ve stabilised, [and] stocks have come off [but overall], people are not finding much value investing in gold at the moment," said Fawad Razaqzada, analyst at Forex.com "The lack of safe-haven demand combined with expectations of higher interest rates is weighing on gold. If gold remains below $1,300 there’s a risk of a deeper correction in the coming days or weeks." ...
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