(MENAFN- Khaleej Times) Gold inched up on Wednesday after hitting a 7-week low in the previous session, as the dollar pulled back from a 1-1/2-month high against a basket of currencies.
Dubai gold prices are currently a Dh154.50 for 24-karat and 22-karat can be bought for Dh145.
Spot gold had risen 0.3 percent to $1,275.10 anounce by 0049 GMT. It touched its lowest since mid-August at$1,267.76 on Tuesday. US gold futures for December delivery were also up 0.3 percent at $1,278 per ounce.
The dollar on Wednesday shed 0.2 percent against a basketof major currencies after touching its best sincemid-August on Tuesday. The three major US stock indexes and the Russell 2000 posted record high closes for the second straight day on Tuesday, helped by gains in airlines and as carmakers rose after strong September vehicle sales.
Major automakers on Tuesday posted higher US new vehiclesales in September as consumers in hurricane-hit parts of the country replaced flood-damaged cars, extending a rally in their shares that began when Hurricane Harvey hit southeast Texas in late August.
Britain wants to negotiate a Brexit agreement with theEuropean Union, but is ready to walk away with no deal, Brexit minister David Davis said on Tuesday, warning that any error in the talks could cost them billions of pounds.
The European Central Bank bought fewer German bonds thanit should have for a sixth straight month in September, a sign that it may be saving ammunition for an extension of its stimulus programme well into next year.
Japanese companies' inflation expectations eased slightlyin September from three months ago in a worrying sign theeconomy continues to struggle with a deflationary mindset.
The Perth Mint's sales of gold products doubled inSeptember from a month earlier, while silver sales surged 78percent, the mint said in a blog post on its website on Tuesday.
MENAFN0410201700490000ID1095920754
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.