Bengaluru: Gold prices inched higher on Monday as hopes of easing trade tensions between the United States and China put pressure on the dollar, adding to demand for the yellow metal that improved last week after prices touched 19-month lows.
Spot gold rose 0.1 percent to $1,185.31 an ounce at 0245 GMT.
Last week, it touched its lowest since January 2017 at $1,159.96.The metal fell 2.2 percent last week, marking the sixth consecutive weekly decline. It was also the worst weekly performance since December. U.S. gold futures were up 0.7 percent at $1,191.60 an ounce.
"Though the overall trend remains slightly weak for gold as there are no key fundamental cues favouring upside at the moment, value-buying in this oversold territory is highly likely to underpin prices," said Sugandha Sachdeva, vice president of metals, energy and currency research at Religare Securities Ltd.
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