Gold steady on weak dollar, geopolitical worries

caddis-gif-2Gold held steady on Wednesday, supported by a weaker dollar, geopolitical concerns about North Korea and nervousness ahead of the French presidential election.

FUNDAMENTALS

* Spot gold was down 90 cents at $1,288.39 per ounce as of 0055 GMT. The metal hit its highest since early November at $1,295.42 on Monday before closing lower, and rose 0.4 percent on Tuesday.

* U.S. gold futures were down 0.3 percent at $1,290.10

* The dollar index was hovering near a three-week low on disappointing U.S. housing starts data and nervousness over trade talks between the United States and Japan.

* U.S. homebuilding fell in March after unseasonably mild weather buoyed activity in February and manufacturing output dropped for the first time in seven months, further indications that economic growth braked sharply in the first quarter.

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