Gold rebounds from four-month low as Chinese buyers return
The metal is holding up well in the face of a stronger dollar, while silver and platinum have also bounced back from multi-month lows
Bengaluru — Gold prices rose on Wednesday, ticking up from a four-month low hit in the previous session, as Chinese buyers returned to the market following the Labour Day holiday. Investors also awaited cues on the US monetary policy from a two-day Federal Reserve meeting. Spot gold was up 0.5% at $1,310.30 an ounce at 4.19am GMT. Gold fell to $1,301.51 in the previous session, its lowest since December 29 2017. US gold futures for June delivery rose 0.3% to $1,310.80 an ounce on Wednesday. "The Chinese are back from a long holiday and we’re seeing some buying interest on the downside," said Peter Fung, head of dealing at Wing Fung Precious Metals. The gains should be limited as the dollar was firm and as people awaited the US nonfarm payrolls data, Fung said. The dollar index was down about 0.1% at 92.388, but the greenback hovered close to a nearly four-month high of 92.566, supported by the outlook for a strong US economy and rising yields amid signs of slowdown elsewhere, especi...
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