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Gold prices edged up from the previous session’s four-month low as a dollar rally relented and equities softened on Wednesday.
Spot gold was up 0.1 per cent at $1,273.22 an ounce by 1146 GMT after hitting its lowest since the end of last year at $1,265.90 in the previous session. US gold futures also gained 0.1 per cent, rising to $1,275 an ounce.
Gold prices have fallen about 6 per cent from a peak in February as the dollar firmed and global equities ticked up, with some of the risks of a global growth slowdown fading.
Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3 per cent on Tuesday to 749.63 tonnes, the lowest since October 23.
Silver edged up 0.3 per cent to $14.85 an ounce after touching its lowest level since December 26. Platinum was up 0.8 per cent at $891.50, while palladium was steady at $1,390.75.
Copper rebounds
Copper and other base metals recovered on Wednesday from the previous day’s losses, buoyed by hopes for a trade deal between the world’s largest economies, the US and China, and stronger economic growth in top metals consumer China.
No interest in copper
Three-month copper on the London Metal Exchange failed to trade in official open-outcry activity and was bid up 0.5 per cent to $6,440 a tonne.
London Metal Exchange aluminium rose 0.3 per cent to trade at $1,872 a tonne in official rings.
LME lead traded 0.4 per cent firmer at $1,925 after dropping 1.2 percent in the previous session.
Zinc was bid up 0.3 per cent to $2,756 in official rings; nickel was bid up 0.3 per cent at $12,425 after touching a two-month low on Tuesday and tin was bid down 1.5 per cent at $19,600, its lowest since January 8.
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