• Gold inched up on Wednesday after hitting its lowest in five weeks in the previous session, buoyed as equities fell and the U.S. dollar eased from one-month highs following a tumble in crude oil prices.
Spot gold had risen 0.3 percent to $1,246.25 per ounce by 0423 GMT, after dropping as far as $1,241 in the previous session.
• "It's mostly the dollar (supporting gold). It is a little bit weaker than yesterday's closing," said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.
• Gold is also being supported by a bout of short-covering following its recent weakness, said OCBC analyst Barnabas Gan.
However, the possibility of another interest rate hike by the U.S. Federal Reserve this year is underpinning the bearish outlook for the yellow metal, he added.
• Spot gold may break resistance at $1,248 per ounce and rise towards the next resistance level at $1,251, as it has managed to stabilize around support at $1,243, according to Reuters technical analyst Wang Tao.
• "A lack of solid data this week globally won't be helping gold's direction in either way," said OANDA analyst Jeffrey Halley.
• Russia's central bank posted an increase in gold reserves in May, the fifth consecutive month of gains.
• Among other precious metals, silver rose 0.2 percent to $16.50 per ounce, remaining near six-week lows touched in the previous session.
Reference: Reuters
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