Bengaluru — Gold rose to a one-week high on Thursday amid a weaker dollar, on increased demand from Chinese retail investors and as the market waited for the announcement of a new chair of the US Federal Reserve, expected later in the day. Spot gold was up 0.3% at $1,278.10/oz at 6.17am GMT, after earlier rising to $1,281.43, the highest since October 26. US gold futures edged up 0.1% to $1,278.80/oz. "The return of Chinese investor interest in gold at these levels is a welcome vote of confidence for long-suffering gold bulls," said Jeffrey Halley, a senior market analyst with Oanda. Higher demand from Chinese retail buyers had raised domestic bullion prices and global prices had risen to narrow the gap, he said. US President Donald Trump is expected on Thursday to nominate Jerome Powell as the next head of the Fed, putting his own stamp on the leadership of the US central bank while signalling continuity on monetary policy. "A lot of the focus is on the Fed chair, and Trump’s expec...
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