Global gold price little changed amid weaker dollar

| Updated: October 23, 2017 20:38:30

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Gold price held steady on Wednesday amid firmer equities and a softer dollar, with safe-haven demand for the metal supported after US President Donald Trump urged tougher measures against North Korea.


Spot gold was unchanged at $1,331.47 an ounce by 0719 GMT, reports Reuters.


US gold futures for December delivery were up 0.2 per cent at $1,335.70 an ounce.


The yellow metal is used as an alternative investment during times of political and financial uncertainty.


Meanwhile, the dollar index, which measures the greenback against a basket of currencies, slipped 0.1 per cent to 91.758, but managed to remain above its 2-1/2-year low hit last week.


A stronger greenback makes bullion more expensive for holders of other currencies, while higher interest rates lead to higher bond yields and dampen demand for non-yielding gold.


Spot gold looks neutral in a range of $1,321-$1,335 per ounce, said Reuters technical analyst Wang Tao.


Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.35 per cent to 838.64 tonnes on Tuesday.


Among other precious metals, silver was down 0.2 per cent at $17.87 an ounce, while platinum and palladium were both 0.1 per cent lower at $985.50 and $953.50 an ounce.

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