Gold prices inch up from one-week low

mmgoldGold prices inched up on Wednesday from a one-week low with the dollar holding steady, but speculation that President Donald Trump might pick a policy hawk to lead the U.S. Federal Reserve weighed on the metal.

FUNDAMENTALS

* Spot gold  was up 0.1 percent to $1,286.10 an ounce at 0053 GMT. It hit a one-week low of $1,281.31 in the previous session.

* U.S. gold futures for December delivery rose 0.2 % at $1,288.3 per ounce.

* The dollar index , which measures the greenback against a basket of currencies, was little changed at 93.449 after gaining for four straight days.

* Asian shares consolidated recent gains and currencies kept to tight ranges on Wednesday as investors waited to see what policies might emerge from China’s Communist Party conference.

* U.S. President Donald Trump has a pool of five candidates to choose from for the next chair of the Federal Reserve and is likely to announce his choice before going to Asia in early November, a source familiar with the situation said on Tuesday.

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