• Gold prices inched up on Wednesday from a one-week low with the dollar holding steady, but speculation that President Donald Trump might pick a policy hawk to lead the U.S. Federal Reserve weighed on the metal.
Spot gold was up 0.1 percent at $1,286.11 an ounce at 0350 GMT. It hit a one-week low of $1,281.31 in the previous session.
U.S. gold futures for December delivery rose 0.2 percent at $1,288.20 per ounce.
• "This morning is about President Xi talking and headlines coming out of that... we're seeing a bit of pullback (in the dollar) that's helping gold this morning in Asia," a Hong Kong-based trader said.
• "I would expect gold to stay gently bid in Asia in case of some surprise headlines," Jeffrey Halley, a senior market analyst with OANDA, said.
• "All the rhetoric around that is that it's more hawkish... Just few surprises hitting the market there and helping the dollar regain footing and keeping yields very steady, so really putting gold under pressure," the trader said.
"$1300 was a very big psychological level. Just technically we needed to close above it a few times and we failed. The 100 DMA around $1,275 is kind of a big support level," the trader said adding that some buying could come in around $1260-75.
• In other precious metals, silver rose 0.4 percent to $17.05 an ounce, after touching a one-week low in the previous session.
Reference: Reuters
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