London — Gold prices eased on Wednesday as the dollar and stocks advanced, pointing to higher demand for riskier assets driven by upbeat US economic data and a slew of strong corporate earnings reports. Spot gold was marginally firmer at $1,346.42 an ounce at 9.42am GMT, while US gold futures for June delivery were steady at $1,349.30 an ounce. ActivTrades chief analyst Carlo Alberto De Casa said a stronger dollar was the main reason for gold losing its lustre, adding that the precious metal faced resistance at $1,350 to $1,370. "It’s a key area because if gold can jump above $1,370 then we have an open door up to $1,400, at least. If gold can pass these peaks it would mean the upward trend is confirmed and could be even stronger." The dollar index, which measures the greenback against a basket of currencies, pulled away from a three-week low reached on Tuesday, lifted by stronger-than-expected March US housing starts and steady industrial production figures. A stronger greenback ma...
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