Gold edges lower on dollar strength
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GOLD prices eased on Wednesday (Apr 27) as the dollar held ground at its highest in more than 2 years and pressured demand for greenback-priced bullion.
Spot gold was down 0.1 per cent at US$1,903.16 per ounce, as of 12.37 am GMT. US gold futures were up 0.1 per cent at US$1,905.80.
The dollar held steady after climbing to its highest since March 2020 on Tuesday as concerns about slowing growth in China and expectations the Federal Reserve will aggressively hike rates boosted demand for the greenback.
A stronger dollar makes greenback-priced gold less attractive for other currency holders.
Gold prices had found some support in the previous session as investors sought cover from fears of stalling global economic growth and soaring inflation.
Bullion is seen as a safe store of value during economic and political crises.
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Spot silver gained 0.3 per cent to US$23.56 per ounce, platinum rose 0.2 per cent to US$922.89, and palladium firmed 0.1 per cent to US$2,188.44. REUTERS
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