October 20, 2016Print : Business
Gold fell on Wednesday, after hitting its highest in more than a week in the previous session, as the dollar steadied amid uncertainty over the U.S. presidential election results and on an expected rate hike by the Federal Reserve.
Spot gold edged down 0.1 percent to $1,261.71 an ounce at 0549 GMT. In the previous session, the precious metal touched $1,264.78, its highest since Oct 10. U.S. gold futures was down 0.1 percent at $1,262.6 an ounce.
Recent support for gold prices has had to do with the demand mostly from China and emerging markets, said Richard Xu, a fund manager at HuaAn Gold, China´s top gold exchange-traded fund.
"If you look at the Chinese local gold prices, they are roughly 2 percent higher than the global gold prices," Xu added. "The dollar is probably showing some kind of a weakness after pushing out so high, so that might also help the gold stabilise for a while.