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Gold pulls back from five-week high as dollar edges higher

Reuters  |  BENGALURU 

By Karthika Suresh NamboothiriBENGALURU (Reuters) - Gold prices dipped on Wednesday, retreating from a more than five-week top hit in the previous session, as the dollar crawled higher.Spot gold was down 0.2 percent at $1,235.31 per ounce at 0648 GMT, after hitting its highest since Oct. 26 at $1,241.86 an ounce in the previous session. U.S. gold futures were down 0.5 percent at $1,240.7 per ounce."Gold is mainly tracking the U.S. dollar," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. "Today's move in gold prices is a correction because yesterday prices were up ...

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First Published: Wed, December 05 2018. 12:34 IST