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Gold Steady on Dollar dip and higher Physical Demand

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Gold steadied on Wednesday, largely holding on to gains from the previous session spurred by a retreat in the dollar and healthy physical demand.

Gold had the potential to claw higher in the short term after the dollar pulled back from near nine-month highs and due to increasing appetite from speculators, one analyst said.

"We've seen the dollar rally halted and that may give gold some additional room to manoeuvre to the upside so I'm quietly constructive for gold," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

"Outside markets are supportive - we're seeing weakness in stock markets, oil is trading lower and the dollar is a tad weaker."

Spot gold was barely changed, down some 0.1 percent at $1,272.46 an ounce by 1033 GMT. In the previous session, it hit $1276.67, its highest since Oct. 5.

U.S. gold futures also edged 0.1 percent lower to $1,273.
The dollar index slipped after rising as high as 99.119 on Tuesday, its highest level since Feb. 1, largely fuelled by expectations of a U.S. rate hike in December.

Gold Steady on Dollar dip and higher Physical Demand Gold Steady on Dollar dip and higher Physical Demand Reviewed by Ripples Advisory Private Limited on October 27, 2016 Rating: 5

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