December 27, 2017 / 4:19 AM / 3 months ago

PRECIOUS-Gold edges up in thin trade as dollar dips

    * Silver hits highest level in nearly four weeks
    * Palladium highest since February, 2001

 (Adds trader's comment, updates prices)
    By Apeksha Nair
    Dec 27 (Reuters) - Gold prices inched up on Wednesday as the
dollar dipped, but moved in a range as investors stayed away in
a holiday-thinned week, while palladium extended gains after
touching a 17-year peak.
    Spot gold        rose 0.1 percent to $1,284.10 an ounce as
of 0729 GMT, after hitting its highest since Dec. 1 at
    U.S. gold futures         were also up 0.1 percent to
$1,289.30 an ounce. 
    "Asian trade was a relatively subdued affair, void of
Tuesday's Chinese interest; the metal held a narrow range
throughout the session," MKS PAMP trader Sam Laughlin said. 
    The dollar eased against a basket of currencies on
Wednesday, while commodity-linked currencies such as the
Canadian dollar were underpinned by this week's rally in oil
    "Technically, the 38.2 percent of the move down from the
2017 high of $1,357 comes in at $1,282. The 100-day moving
average is at $1,286. So, these levels will be watched for
further moves," said Amit Kumar Gupta, portfolio management
services head at Adroit Financial Services.
    Meanwhile, the United States announced sanctions on two
North Korean officials behind their country's ballistic missile
programme on Tuesday.                          
    Geopolitical risks can boost demand for safe-haven assets
such as gold and the Japanese yen.
    "More people are looking at gold as a portfolio rotation ...
Both gold and silver are seeing some bids despite a firm
currency," a Singapore-based trader said.
    Asian shares rose on Wednesday with oil and copper prices
rocketing to multi-year highs in an uplifting sign for global
growth and inflation, while major currencies were becalmed in a
holiday-shortened week.            
    Among other precious metals, spot palladium        rose over
1 percent to its highest since February, 2001 at $1,069.50 per
    Spot silver        rose 0.3 percent to touch its best since
late November at $16.58.
    Platinum        edged up 0.5 percent to hit a three-week
high of $923.90.

 (Reporting by Apeksha Nair, additional reporting by Nallur
Sethuraman in Bengaluru; Editing by Subhranshu Sahu and Biju
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