Gold prices were steady early on Wednesday after touching their highest in more than two weeks in the session earlier, supported by the dollar’s weakness as it wavers near ten-month lows.
Spot gold rose around 0.1 percent at $1,242.86 an ounce. In the session earlier, it touched its highest since June 30 at $1,244.56.
U.S. gold futures for August delivery were almost flat at $1,242.30 an ounce.
Holdings at the SPDR Gold Trust, the world’s biggest gold-backed exchange-traded fund, dropped 0.68 percent to 821.45 tonnes on Tuesday from 827.07 tonnes on Monday.
The dollar touched its lowest versus the euro and Swiss franc in over a year on Tuesday, with the broader dollar index hitting a more than 10-month low.
China is considering a potential merger between China’s Minmetals Corp., one of the country’s biggest miners and metals traders, and China National Gold Group, as it pushes consolidation of its state-run companies, according to sources with knowledge on the topic.
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