Bengaluru : Gold prices rose further on Thursday, supported by a weaker dollar and as investors bought the yellow metal as a hedge against inflation after a faster-than-expected rise in U.S. consumer prices last month.
Spot gold was up 0.3 percent at $1,354.55 an ounce, as of 0407 GMT and headed for a fourth straight session of gains.
It hit its highest since Jan. 26 at $1,355.50 on Wednesday, and has gained nearly 4 percent since it dropped to a one-month low last week.
U.S. gold futures were down 0.1 percent at $1,357.2 per ounce on Thursday. "Higher U.S. inflation combined with the US dollar exhibiting zero correlation to higher interest rates amidst burdening duel deficits (trade and budget) should play out favourably for gold markets," said Stephen Innes, head of trading APAC at OANDA said.
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