Bengaluru — Gold prices rose further on Thursday, supported by a weaker dollar and as investors bought the metal as a hedge against inflation after a faster than expected rise in US consumer prices in January. Spot gold was up 0.3% at $1,354.55/oz, as of 4.07am GMT and headed for a fourth consecutive session of gains. It hit its highest since January 26 at $1,355.50 on Wednesday, and has gained nearly 4% since it dropped to a one-month low last week. US gold futures were down 0.1% at $1,357.2/oz on Thursday. "Higher US inflation combined with the US dollar exhibiting zero correlation to higher interest rates amid burdening duel deficits [trade and budget] should play out favourably for gold markets," said Stephen Innes, head of trading Apac at Oanda said. The dollar index against a basket of currencies was down 0.3% at 88.898, after earlier hitting a nearly two-week low of 88.840. A recovery in broader risk sentiment was also seen weighing on the dollar, which had gained during the ...
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