1. Gold inches up as dollar, Asian stocks slip

Gold inches up as dollar, Asian stocks slip

Gold prices crawled up early Thursday, supported by a softer dollar and weaker Asian equities.

By: | Updated: December 29, 2016 8:38 AM
Gold, economy, gold prices, market, dollar, rupee, euro, pound, wall street Gold prices crawled up early Thursday, supported by a softer dollar and weaker Asian equities. (Reuters)

Gold prices crawled up early Thursday, supported by a softer dollar and weaker Asian equities.

Spot gold edged up 0.2 percent to $1,144.36 an ounce by 0044 GMT. Gold has risen about 8 percent so far this year despite an 8 percent drop in November.

US gold futures were up 0.4 percent at $1,145.40 per ounce.

The dollar index, which measures the greenback against a basket of currencies, eased 0.2 percent at 103.13.

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The dollar sagged against the yen early on Thursday as U.S. yields dropped overnight to two-week lows, but the greenback managed to hold steady against the euro and pound.

Asian shares slipped on Thursday after Wall Street suffered a mild setback after weeks of gains. MSCI’s broadest index of Asia-Pacific shares outside Japan was off a slight 0.1 percent.

Contracts to buy previously owned U.S. homes fell in November to their lowest level in nearly a year, a sign rising interest rates could be weighing on the housing market, the National Association of Realtors said on Wednesday.

Shanghai Gold Exchange, the world’s biggest physical bullion exchange, said on Wednesday it will curb the amount of gold investors can trade at one time, a move analysts said would limit institutional investors’ influence on prices.

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