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Spot gold slips 0.4pc to $1,227 per ounce

Spot gold slips 0.4pc to $1,227 per ounce

SINGAPORE: Spot gold slipped 0.4 per cent to $1,227 an ounce on Wednesday. The precious metal touched a 4-week peak of $1,237.90 on Tuesday, before trimming gains to close the day 0.4-per cent lower.

Meanwhile, gold was also getting some support from India and China markets.

India’s September gold imports nearly doubled to $3.75 billion from the month before, ahead of the country’s wedding and festival season, showing increasing appetite in the world’s second biggest gold consumer.

In top buyer China, physical trading activity remained strong as seen on the Shanghai Gold Exchange, with premiums holding at about $4 an ounce.