Gold hits near four-week high

LONDON: Gold touched a near-four week high on Wednesday as the dollar edged back from a 14-year peak and physical demand from major consumers China and India increased. Spot gold climbed to its highest since December 9 at $1,167.52 an ounce and was up 0.6 per cent at $1,165.37 by 1101 GMT. US gold futures climbed 0.4 per cent to $1,166.20 an ounce. “The dollar index has consolidated and the big outflow from exchange-traded products (ETPs), which has been the biggest headwind for gold in the past few months, has stopped recently,” Julius Baer analyst Carsten Menke said. — Reuters