Gold prices rose on Wednesday after marking a 7-week low in the previous session, buoyed as the dollar pulled back from a 1-1/2-month high against a basket of currencies. Spot gold had risen 0.3 percent to $1,275.91 an ounce by 0648 GMT. It touched its lowest since mid-August at $1,267.76 on Tuesday.
US gold futures for December delivery also rose 0.3 percent, to $1,278.60 per ounce. "Asian trade on Wednesday saw a modest recovery to bullion on the back of dollar weakness," MKS PAMP trader Sam Laughlin said in a note. "The yellow metal looks to be settling in for a period of consolidation around current levels as interest out of Asia remains muted due to the Chinese holiday period." Spot gold may break resistance at $1,279 and rise into a zone of $1,287-$1,297 per ounce, said Reuters technicals analyst Wang Tao.
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