Gold was little changed on Thursday after its rise the previous session as sharp sell off in equities enhanced haven demand on bullion.
The precious metal slipped to a low of $1087.92 an ounce, while currently trading around 1092.70, compared to the session’s opening at $1093.25.
The yellow metal advanced on Wednesday as nervousness about China and the sharp fall in oil prices rattled U.S. stocks.
The S&P 500 index edged down 2.5 percent on Wednesday’s closing, while the Dow Jones index fell 2.2 percent.
The safety demand as well as the cut in gains by the U.S. dollar helped gold to finish the session higher, but today it showed some fluctuations.
Asian shares tumbled today, while the U.S. dollar fell against a basket of major currencies to 98.77, according to the dollar index.
Gold should take more advantage of the plummet in the equity market, but the dollar’s rise the previous four sessions kept bullion prices under pressure.
Another key factor is the falling oil prices that raised expectations inflation would remain low for longer period.
Brent crude resumed its drop a ninth consecutive session to hit a bottom of $29.70 a barrel, the lowest in 12 years.
