Dubai, UAE — Gold rose for a fifth consecutive session on Wednesday, supported by a weaker U.S. dollar and continued demand for precious metals, while oil prices extended losses and hovered near three-month lows.
Spot gold rose 0.3% to $4,341.12 an ounce by 0230 GMT, trading close to a one-week high reached earlier this week. U.S. gold futures for August delivery gained 0.2% to $4,361.10.
The advance in gold came as the U.S. dollar weakened against a basket of major currencies, giving additional support to dollar-denominated commodities.
The U.S. Dollar Index fell to 99.53, giving back part of the gains it had recently recorded on safe-haven demand. The euro was little changed at $1.1611, while sterling traded at $1.3430.
Commodity-linked currencies were broadly steady, with the New Zealand dollar edging up to $0.5833 and the Australian dollar holding at $0.7066. The Japanese yen traded at 160.43 per dollar.
Other precious metals also moved higher. Spot silver gained 0.3% to $70.38 an ounce, platinum rose 0.5% to $1,812.80, and palladium added 0.3% to $1,355.65.
Meanwhile, oil prices continued their downward trend after heavy losses earlier in the week.
Brent crude futures fell 16 cents, or 0.2%, to $78.80 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude slipped 25 cents, or 0.3%, to $75.80 a barrel.
Both benchmarks had already fallen about 5% on Tuesday, marking a second consecutive session of sharp declines and leaving prices at their lowest levels in roughly three months.
The latest moves extend a broader market shift that has seen investors rotate into precious metals while energy prices retreat and the dollar eases against major currencies.
