LONDON: Gold prices were little changed on Wednesday, holding above a key technical support near $1,275 an ounce, though the metal is vulnerable to further losses as investor demand remains slack, analysts said.
Spot gold was up 0.1 per cent at $1,283.70 an ounce by 1525 GMT.
US gold futures for June delivery were up $1.80 an ounce at $1,282.40.
Physical demand in Asia, which tends to provide some support at lower price levels, failed to emerge after Tuesday’s drop as buyers expect more price declines, dealers said.
Demand has been quiet in top buyer China as a weaker yuan made it more expensive to buy dollar-denominated gold. China’s yuan hit a 16-month low against the dollar on Wednesday.
Among other precious metals, silver was up 0.4pc at $19.44 an ounce, while platinum rose 0.4pc to $1,397.25 an ounce and palladium was up 0.5pc at $784 an ounce.
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