Gold heads towards two-week high reached earlier
Gold could be vulnerable to more gains if the dollar falls further, making bullion cheaper for holders of other currencies, analysts say
Bengaluru — Gold prices crept higher on Thursday towards a two-week peak scaled in the previous session, helped by an easing dollar and as investors sought refuge from weakness in financial markets on economic growth concerns. Spot gold was up 0.1% at $1,227.20 an ounce at 10.42am GMT, though moves were contained by the US Thanksgiving holiday. Prices on Wednesday had peaked at $1,230.07, the highest level since November 7. US gold futures were flat at $1,228.20. The dollar fell for a second day running, while Europe's share markets dropped into the red as investor worries mounted about slowing global growth. "Weaker stocks tend to be supportive of the gold market, given the uncertainty that prevailing in the market," said Saxo Bank analyst Ole Hansen, adding that the softer dollar was also adding support. Gold could be vulnerable to more gains if the dollar weakens further, making bullion cheaper for holders of other currencies, analysts said. "Some of the recovery since we tested ...
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