PRECIOUS-Gold prices edge higher as pullback in U.S. dollar lifts appeal

By Reuters8 days ago

By Shreyansi Singh

May 5 (Reuters) - Gold prices ticked up on Wednesday, lifted by a retreat in the dollar, although gains were kept in check after U.S. Treasury Secretary Janet Yellen said interest rates may need to rise.


Spot gold XAU= was up 0.2% at $1,781.14 per ounce by 0321 GMT. U.S. gold futures GCv1 rose 0.3% to $1,784.60.

A pullback in the dollar more broadly, after last night's strong selling has been supportive for gold prices, IG Market analyst Kyle Rodda said.

There is going to be a reasonably strong resistance zone between $1,800 and $1,810, if prices happen to push through there, you might see some buyers on the other side of that.

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