Gold prices edged lower on Wednesday, pressured by a recovering dollar but supported by safe-haven buying after the sudden dismissal of U.S. Secretary of State Rex Tillerson.
The U.S. dollar inched higher against major currencies after slipping following the dismissal of Tillerson. A stronger dollar makes commodities priced in the greenback more expensive for holders of other currencies.
Spot gold inched 0.06 percent lower at $1,324.91 an ounce at 3:25 p.m. EST. It earlier touched $1,330.02, its highest since March 7. U.S. gold futures for April delivery were down 0.11 percent at $1,325.60 an ounce.
"Gold is caught between these negative impacts and sometimes positive impacts are coming from a weaker stock market, U.S. policy and also the frequent shift between risk-on and risk-off Peter Fertig.