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Gold inches higher from over 4-month low as dollar weakens

Wednesday,   25-Nov-2020   09:03 AM (IST)

Gold prices edged up on Wednesday helped by a weaker dollar, though a robust appetite for riskier assets kept the safe-haven metal near a more than four-month low hit in the previous session. Spot gold rose 0.1% to $1,809.41 per ounce by 0124 GMT. Prices hit $1,800.01 on Tuesday, its lowest level since July 17. U.S. gold futures  were up 0.2% at $1,807.60. The dollar index eased 0.1% against a basket of currencies, making bullion cheaper to other currency holders. U.S. president-elect Joe Biden moved swiftly to make Cabinet choices after defeating President Donald Trump, who gave the go-ahead for Biden to start receiving daily intelligence briefings, a sign he has all but accepted the result. Biden's formally approved transition and positive developments around a possible COVID-19 vaccine sparked a rally in U.S. equities with the Dow piercing the 30,000 level for the first time on Tuesday. Investors now await the FOMC's minutes from its last meeting due at 1900 GMT for clues on the direction of monetary policy. China's net gold imports via Hong Kong plunged about 84% in October from September's six-month peak, marking their steepest month-on-month decline since June, Hong Kong Census and Statistics Department data showed on Tuesday. Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1.1% to 1,199.74 tonnes on Tuesday from 1,213.17 tonnes on Monday.  Silver rose 0.2% to $23.29 per ounce. Platinum fell 0.2% to $959.64, while palladium eased 0.3% to $2,340.61.