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Business

REUTERS
February 15, 2018

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Gold rises

Bengaluru : Gold prices rose for a third straight session on Wednesday to hit a one-week high, buoyed by a weaker dollar, while investors awaited US inflation data for clues on the pace of future US interest rate increases.

Spot gold was up 0.2 percent at $1,332.01 an ounce, as of 0745 GMT. Earlier in the session, it hit $1,336.86, its highest since February 6. US gold futures rose 0.3 percent to $1,334.7 per ounce.

The dollar index was down 0.1 percent against a basket of currencies at 89.590, after touching a one-week low of 89.378.

A retreat in the greenback helped the bullion - which is priced in dollars - gain over 2 percent from a one-month low of $1,306.81 hit last week.

"With the US dollar once again striking a bearish chord, the long gold set up looks favourable," said Stephen Innes, head of trading APAC at OANDA.

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