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Gold steadies near one-week high on weaker dollar

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Gold prices steadied near a one-week high on Wednesday, after rising more than 1% in the previous session as the dollar weakened after the Bank of Japan’s surprise policy tweak.

* Spot gold was flat at $1,816.94 per ounce as of 0031 GMT. U.S. gold futures were up 0.1% at $1,827.10.

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* The dollar index was flat after falling on Tuesday as the yen jumped to a four-month high after the BOJ stunned markets with a surprise tweak to its bond yield control program.

* A weaker dollar makes bullion more appealing among overseas investors.

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* Last week, Federal Reserve Chair Jerome Powell said the U.S. central bank will deliver more rate hikes next year, even as the economy slips towards a possible recession. * Gold is seen as an inflation hedge, but higher interest rates raise the opportunity cost of holding the asset.

* The pace of Swiss gold shipments to Asia and the Middle East slackened in November as prices rose, with exports to countries including China and Turkey falling from October’s level, Swiss customs data showed on Tuesday.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 913.88 tonnes on Tuesday.

* Spot silver fell 0.2% to $24.12, platinum lost 0.2% to $1,006.16 and palladium rose 0.1% to $1,734.03.

DATA/EVENTS (GMT)

0500 Japan Chain Store Sales YY Nov

1500 US Consumer Confidence Dec

1500 US Existing Homes Sales Nov (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich)



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