Gold prices hovered near four-month highs on Wednesday as the US dollar slipped against a basket of currencies. In see-saw trading, the dollar had risen early against the euro as the single currency backed away from a three-year high. But the greenback later slipped.
Spot gold was flat, last up 0.1 percent at $1,339.44 an ounce by 1:58 p.m. EST (1858 GMT). It remained close to Monday's peak of $1,344.44, its highest since Sept. 8. US gold futures for February delivery settled up $2.10, or 0.2 percent, at $1,339.20 per ounce.
"The euro is driving the dollar, which is then driving the gold now," said Michael Matousek, head trader at US Global Investors in San Antonio. The price of gold has risen by 8 percent since mid-December, lifted as the dollar weakened to a three-year low against a basket of major currencies.
"For the moment it looks like gold appears intent on challenging the 2017 highs around $1,357," said Daniel Ghali, commodities strategist at TD Securities in Toronto. In other precious metals, silver dipped 0.1 percent at $17.17 an ounce while platinum rose 0.7 percent at $1,005.60 after touching its highest since Sept. 8 at $1,006.60.
Palladium rose 2.1 percent at $1,116.47 an ounce, close to the $1,138 record high hit on Monday.
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