Gold Shines

Reuters

Bengaluru

Gold rose marginally on Wednesday, recovering from selling pressure in early trade that pushed bullion to a near two-week low, with investors using the opportunity to hunt for bargains even as improved risk appetite helped global equities rally.

Spot gold was up 0.7 percent at $1,341 per ounce by 0650 GMT after touching $1,327.30, its lowest since July 1. Whenever there is some short-term pressure, a range of $1,330 could be a very good entry point for people who have been bullish, but hesitant of chasing the prices, said Mark To, head of research at Hong Kong's Wing Fung Financial Group.

"There was some selling in early trade, which seemed to be a bit of weak longs that were getting stopped on the break of the $1,330 level. Since then we have just been grounding back up," said a Sydney-based trader, who did not want to be named.