(MENAFN- Khaleej Times) Gold edged up on Wednesday after a three percent fall in the previous session to a two-month low, as investors focused on the first US government shutdown in 17 years, which sent the dollar lower.
"Gold was expected to get a stronger support from the US political shutdown... it is gaining some ground today (but) it is still at risk of further liquidation," Societe Generale analyst Robin Bhar said.
Spot gold edged up 0.5 per cent to $1,292.60 an ounce by 1028 GMT. It reached its weakest since August 7 at $1,278.24 on Tuesday. US gold futures for December were up $6.80 an ounce to $1,292.90.
Bullion posted its biggest daily percentage drop in more than two weeks on Tuesday, down three per cent, following a big Comex sell order and technical selling once prices fell below $1,300 an ounce.
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