Gold retained overnight gains in Asian trading on
Wednesday on weakness in the dollar and equities, but investors remained
cautious after Federal Reserve officials talked up the prospect of US interest
rate increases this year. For More Information visit www.capitalheight.com/bullion-premium.php
- Spot gold was little changed at USD 1,278.65 per ounce at 0042 GMT, after gaining 0.5 percent on Tuesday.
- Gold has rallied 20 percent this year on speculation that the Fed has slowed its expected pace of rate increases on concerns over the volatility in global markets.
- SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.56 percent to 855.89 tonnes on Tuesday, the highest since November 2013.
- Asian shares stepped back on Wednesday after strong US inflation data and comments from Fed officials rekindled the prospects of the central bank raising rates later this year.
- Oil prices rose for a second straight day on Tuesday, with US futures hitting seven-month highs, on expectations of a drawdown in US crude stockpiles and a new wildfire threat on Canadian oil supplies.
- International Brent crude futures were trading at USD 49.31 per barrel at 0047 GMT, 3 cents above their last settlement, while US West Texas Intermediate crude futures were unchanged at USD 48.31 a barrel.
