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Gold hits one-month peak on lower oil and softer dollar
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Mobile Business
Gold rose for a third straight session on Wednesday, hitting a one-month peakon a softer dollar and lower oil prices, while investors awaited U.S. jobs data for clues on the interest-rate outlook.
Lower oil prices can ease inflation concerns that shape expectations of higher interest rates.
"Gold's relation with oil is still intact as oil prices have a tremendous impact on the global economy in terms of inflationary pressure.
If we get a very clear roadmap to further de-escalation in tensions, gold prices could move higher," said Kelvin Wong, a senior market analyst at OANDA.
Gold tends to lose its appeal in a high interest-rate environment despite its status as an inflation hedge, as it yields no interest.