Gold firm as dollar tumbles

Jan 24 (Reuters) - Gold held steady near a four-month high
on Wednesday, as the U.S. dollar sank to a fresh three-year low,
while worries of potential trade wars led to some risk-aversion
trade as well.
    Spot gold        was nearly flat at $1,340.90 per ounce at
0439 GMT, while U.S. gold futures         for February delivery
rose 0.28 percent to $1,340.40 per ounce.
    "Gold could move higher as we are still in the early stages
of a broader USD sell-off, with all eyes focused on 110
USD-JPY," said Stephen Innes, APAC head of trading at OANDA.
    The dollar touched a four-month low against the yen on
simmering concerns that the U.S. currency's yield advantage will
start to erode as major central banks head toward unwinding
their massive stimulus.  


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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes