Bengaluru : Gold prices edged up on Thursday, after touching their highest since September in the previous session, buoyed as a rally in equities appeared to falter.
Spot gold was up 0.1 percent at $1,317.93 an ounce by 0655 GMT. On Wednesday, it marked its lowest since September 15 at $1,326.56 an ounce. US gold futures were down 0.1 percent at $1,319.10 an ounce.
“Rising oil prices and strong global growth suggest gold will remain supported as investors look for inflation protection,” said Stephen Innes, APAC head of trading at Oanda.
“Also, a highly-anticipated stock market correction is providing support on dips which continues to support the bullish gold narrative.”
Oil prices held near three-year highs on Thursday, buoyed by a surprise drop in US production and lower crude inventories.
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