Gold Little Changed Awaiting Dollar, Oil Moves

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"All of the markets are looking to each other for direction," said TheBullionDesk.Com analyst, James Moore. "There is a lack of clarity of vision of where to go," he added, noting "oil seems to be the one to watch."

Gold traded sideways as investors sought fresh direction from the dollar and oil prices, both of which also stayed flat.

Market participants also shied away from riskier assets, like gold, amid renewed worries about a weakening global economy.

"All of the markets are looking to each other for direction," said TheBullionDesk.Com analyst, James Moore. "There is a lack of clarity of vision of where to go," he added, noting "oil seems to be the one to watch." At 10.13 am gold rose to 650 usd from 649.70 usd seen at yesterday's close.

Further weighing on gold prices, investors saw no need to hedge against oil-led inflationary pressures amid weak energy prices. New York oil prices were below 60 usd as warmer weather in the US softened demand and ahead of OPEC's summit on Thursday, where the cartel is expected to do little to raise prices.

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