Gold prices rose for a second day today supported by an easing US dollar and physical buying in Asia.
Spot gold was up 0.3 percent at USD 1,217.54 an ounce by 0322 GMT. In the previous session, the metal rose 0.4 percent, reversing three sessions of losses.
US gold futures were up 0.6 percent at USD 1,217.20 per ounce, after reaching as high as USD 1,220.90 earlier.
“Gold prices have factored in the December (rate hike) move. Now it is a matter of bargain hunting,” said Spencer Campbell, general manager with Kaloti Precious Metals in Singapore.
“We are seeing a lot of activity in Southeast Asia. The drop in prices and inverse pricing against the local currency is driving the buying.”
Gold has fallen more than USD 120 an ounce from its post-US election peak on Nov. 9 as US Treasury yields posted their biggest two-week rise in more than five years and the dollar shot higher.
However, on Tuesday the US dollar weakened which lent support to the yellow metal.
Source: Zee News
