Gold drifts higher as dollar sags
Metal is slightly stronger in Asian trade on Wednesday, extending gains into a second session, as the greenback softens against the yuan and the euro
Bengaluru — Gold prices drifted higher in Asian trade on Wednesday, extending gains into a second session, as the US dollar softened against China’s yuan and the euro. Spot gold rose 0.2% to $1,213.56/oz at 3.20am GMT, after rising 0.4% in the previous session. US gold futures were up 0.3% at $1221.70/oz. "The dollar-CNH [yuan] is a bit under pressure this morning and we’re seeing some buying on the back of that," a Hong Kong-based trader said. China’s yuan held firm near a one-week high versus the dollar early on Wednesday, following firmer equities, extending the rise after the central bank last week took steps to curb the currency’s decline. Against a basket of currencies, the dollar eased 0.1% as its recent rally on the concern over escalating trade tensions showed signs of fading. A weaker dollar makes greenback-denominated gold cheaper for holders of other currencies. "Gold is consolidating here for the moment. The dips on the dollar still seem to be bought so I am sceptical t...
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