Prime News: Gold Prices Steady as Dollar Wavers Near 10-Month Lows

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.

The material has been provided by InstaForex Company – www.instaforex.com

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