Gold Hovers Near Six-month Low at $1,257.81/Ounce

Gold

Gold prices, on Wednesday, June 27,  rested near a more than six-month high low hit in the previous session, as the dollar firmed amid easing risk aversion and expectations of further interest rate hikes by the U.S. Federal Reserve.

Spot gold dipped 0.1 percent to $1,257.81 an ounce, as of 0045 GMT. It touched its lowest since mid-December at $1,254.16 in the prior session.

U.S. gold futures for August delivery were nearly unchanged at $1,259.70 per ounce.

China’s central bank issued draft guidelines on gold asset management products on Tuesday, in a bid to strengthen gold market supervision.

China’s net gold imports via main conduit Hong Kong surged 50 percent in May from the previous month, data showed on Tuesday.

Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.54 percent to 824.63 tonnes on Tuesday.

Russian gold and silver producer Polymetal said on Tuesday it has launched its Kyzyl mine in Kazakhstan ahead of schedule and below budget.

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