Gold tops $1,300 on stimulus hopes, weaker dollar

Gold climbed above $1,300 an ounce on Wednesday for the first time since August as a softer dollar, worries over the global economy and hopes of stimulus measures from the European Central Bank (ECB) fuelled safe-haven bids.



Spot gold hit a session high of $1,303.20, its loftiest level since Aug. 18, and was at $1,299.60 an ounce by 0752 GMT, up 0.5 per cent on the day.



The dollar lost some ground as the yen strengthened after the Bank of Japan kept its monetary policy steady.



Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, jumped 1.55 per cent to 742.24 tonnes on Tuesday.



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Posted in: Indian Market Tips