INSUBCONTINENT EXCLUSIVE:
their highest in a week early on Wednesday, as the dollar index hovered near two-week lows and investor jitters about a host of geopolitical
tensions stoked demand for the safe-haven metal
Spot gold was on track for a fourth straight session of gains, up 0.1 percent at $1,340.64 an ounce
Prices earlier rose to a one-week high of $1,342.64 an ounce
US gold futures were down 0.1 percent at $1,344 an ounce
"Lots of things are happening at the same time - the (United States -China) trade war, a possible United States attack on Syria that
navigates to conflict between the United States and Russia, and that has a very strong impact on gold markets," said Yuichi Ikemizu, Tokyo
branch manager at CIBC Standard Bank."Tensions between China and the United States seem to be relaxing after Xi's conciliatory note, but
with the Trump administration, people are not really sure what is going to happen next," Ikemizu said
"So investors want to hold positions in gold."Russia and the United States tangled on Tuesday at the United Nations over the use of chemical
weapons in Syria as Washington and its allies considered whether to strike at President Bashar al-Assad's forces over a suspected poison
gas attack last weekend.The dollar traded near a two-week low against a basket of currencies on Wednesday after Chinese President Xi
Jinping's promise to cut import tariffs eased concerns about a United States -China trade conflict.United States President Donald Trump
welcomed Xi's promise to open China's economy further, expressing confidence the world's two largest economies would come through an
ongoing trade spat and "make great progress together".Spot gold may retest a resistance at $1,354 per ounce, a break above which could open
the way towards the next resistance at $1,382, according to Reuters Technical analyst Wang TaoMeanwhile, investors waited for cues on the
outlook for United States monetary tightening from consumer inflation data and minutes from the Federal Reserve's March meeting, due
later on Wednesday.Tighter monetary policy raises the opportunity cost of holding non-yielding bullion
auto-generated from a syndicated feed.)
