Gold edges up

Bengaluru : Gold prices inched up on Wednesday as the dollar dipped, but moved in a range as investors stayed away in a holiday-thinned week, while palladium extended gains after touching a 17-year peak.

Spot gold rose 0.1 percent to $1,284.10 an ounce as of 0729 GMT, after hitting its highest since December 1 at $1,284.70.

US gold futures were also up 0.1 percent to $1,289.30 an ounce. “Asian trade was a relatively subdued affair, void of Tuesday’s Chinese interest; the metal held a narrow range throughout the session,” MKS PAMP trader Sam Laughlin said.

The dollar eased against a basket of currencies on Wednesday, while commodity-linked currencies such as the Canadian dollar were underpinned by this week´s rally in oil prices. “Technically, the 38.2 percent of the move down from the 2017 high of $1,357 comes in at $1,282.”