Gold jumped to a four-week high yesterday as the dollar fell after the Federal Reserve said it remained committed to accommodative measures and low interest rates.
Spot gold rose as much as 1.3 percent to a four-week high of $1,295.50 an ounce in earlier trade and was seen up 1.2 percent to $1,292.70 an ounce by 1345 GMT.
US gold futures for August delivery rose 1.6 percent to $1,293.40 an ounce.
“We are seeing some technical buying, which started ahead of the US open and pushed prices above resistance at $1,285, which leaves the next upside target at $1,300,” MKS SA senior vice president Bernard Sin said.
