MW : Gold edges higher as dollar's slide continues
The thinly traded September contract gained 90 cents, or 0.1%, to $998.50 an ounce on the Comex division of the New York Mercantile Exchange. It tipped $1,006.90, the highest level seen in 18 months, on Tuesday before ending at $997.90 an ounce.
The most active December contract was up slightly at $1,000.20. Trading remained in a small range Wednesday, with the December contract swinging between gains and losses.
"Mildly corrective action continued in the precious metals complex," said Jon Nadler, senior analyst at Kitco Metals Inc. "Gold traded in a fairly narrow range and saw players holding back from significant commitments."
The London gold fixing, a global benchmark, stood at $995.75 an ounce on Wednesday morning, down 0.9% from the previous session. Holdings in SPDR Gold Trust (GLD 97.98, +0.55, +0.57%) , the biggest gold exchange-traded fund, stood unchanged at 1,077.63 metric tons.
In currencies trading Wednesday, the dollar index (DXY 77.05, -0.28, -0.36%) fell 0.4% to 77.012. The greenback continued to lose ground against the euro, after having hit this year's lowest level against the single currency in the previous session.
Investors awaited the Federal Reserve's Beige Book, a compilation of anecdotes about conditions in the U.S. economy. It's used in deliberations over monetary policy and interest rates.
Among other metals, December silver futures rose slightly to $16.565 an ounce. October platinum traded nearly flat at $1,290 an ounce, while December palladium lost $2.60, or 0.9%, to stand at $296 an ounce.
December copper futures fell 0.3% to $2.948 a pound.
