Gold inched up on Wednesday, taking cues from a rebound in oil prices and a softer dollar as the metal drifted in a tight range in thin pre-holiday trade.
Spot gold rose 0.3 percent to $1,074.98 an ounce by 0643 GMT. The metal had eased 0.6 percent on Tuesday, snapping a two-day rally. Oil prices stabilized after plumbing 11-year lows earlier in the week. Gold is positively correlated to oil as the metal is seen as a hedge against oil-led inflation. Gold has recovered from the losses that followed last week’s move by the Federal Reserve to raise interest rates for the first time in nearly a decade, largely on short covering. But the outlook for bullion remains bearish, with the Fed set to hike rates further next year and energy markets poised for more declines. “The Fed would be quite keen to continue monetary policy tightening, albeit only gradually over 2016, followed by a faster pace in the following years,” Societe Generale said in a note.
Gold Fields Limited (ADR) (NYSE:GFI) share price increased in the last trading session with a previous 52-week high of $5.98. The stock traded at a volume of 2,705,367shares at a price loss of 2.14%. The share price is now up 6.32%for the past three months. Latest closing price was 10.41% above its 50-day moving average and -.63% below its 200-day moving average.
While trading, Eldorado Gold Corp (USA) (NYSE:EGO) jumped 0.64% at the end of recent close. Its previous 52-week high was $7.97 , trading at a volume of 2,283,124. Shares have fallen -84.62%over the trailing 6 months. The stock is currently trading -6.39% above its SMA 50 and -19.34% below its SMA 200.
AngloGold Ashanti Limited (ADR) (NYSE:AU) closed at $7.34, up 5.16% from previous close and at a distance of 9.52% from 20-day simple moving average. Over the last 12 months, a return on equity of -10.30 was realized due to the financial situation and earnings per share reached a value of $-0.38. Earnings are projected to move up 4.80 percent for the coming five years.