Gold near 1-week high on safe-haven bids as dollar slips

Gold extended gains to trade near its highest in a week on Wednesday, supported by a softer dollar, but rising bond yields and uncertainty over the timing of a possible US rate hike kept the rally in check.

Spot gold rose 0.2 per cent to $1,195.20 an ounce by 0657 GMT, not too far from a one-week top of $1,196.60 reached on Tuesday. The near 1-per cent gain in prices in the previous session was triggered by safe-haven bids as the dollar fell and stocks took a hit from volatility in global bond markets.

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Posted in: Indian Market Tips