Gold price today: Gold rate dips from one-week high. Check latest value
Gold prices eased from a one-week high on Wednesday as the dollar strengthened, though safe-haven demand linked to Russia-Ukraine tensions helped cap further losses, as per a report.
Spot gold was down 0.3 per cent at 2,623.48 per ounce, as of 1047 (GMT), after hitting its highest levels since November 11 earlier in the session. U.S. gold futures dropped 0.2 per cent to $2,626.80, Reuters reported.
The U.S. dollar rebounded after hitting a one-week low. A stronger U.S. currency makes bullion more expensive for overseas buyers.
The current decline in gold can be attributed to profit-taking and a stronger dollar, but developments in the Russia-Ukraine situation are crucial and should be closely observed, Zain Vawda, market analyst at MarketPulse by OANDA, said.
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