Gold is hardly changed after taking big strides in previous session
Bengaluru — Gold prices held steady on Thursday, after rising nearly 1% in the previous session, as the dollar slipped further from a 16-month peak hit earlier in the week. Spot gold was little changed at $1,211.12/oz at 4.53am GMT. US gold futures inched up 0.1% to $1,211.7/oz. “There’s going to be a bid to gold, provided the dollar continues to slide,” said Stephen Innes, Asia-Pacific trading head at Oanda in Singapore. The dollar index , which measures the greenback against a basket of six major currencies, traded at 96.84, off a 16-month high hit on Monday. “We could see further slide in the dollar since we didn’t get any follow through on the bullish consumer price index effect,” Innes said. US consumer prices increased by the most in nine months in October amid gains in the cost of petrol and rents, pointing to steadily rising inflation that is likely to keep the Federal Reserve on track to raise interest rates again in December. Gold has fallen more than 11% from a peak in Ap...
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