Gold rises as growth concerns, US government shutdown weigh on dollar; By- Commoditypandit.com:

Spot gold was up 0.1 percent at $1,283.31 per ounce, as of 0326 GMT, while US gold futures were down 0.1 percent at $1,282.60 per ounce.

Gold prices rose on Thursday as the dollar declined due to concerns the prolonged US government shutdown will limit economic growth at the same global growth is slowing as well.

Spot gold was up 0.1 percent at $1,283.31 per ounce, as of 0326 GMT, while US gold futures were down 0.1 percent at $1,282.60 per ounce.

“We are seeing a weaker US dollar for the moment, which is in general supportive for gold,” Michael McCarthy, chief market strategist at CMC Markets said.

However, McCarthy cautioned that bullion price gains are limited by slowing investor buying as indicated by price charts used by technical traders.

“The issue for gold is there is a very heavy resistance seen around $1,290 and $1,310. A further weakening of the US dollar could be supportive. But, we need something to really push gold through the resistance level,” he said.

The US dollar index, which measures the greenback against a basket of six major currencies, fell for third day, dropping 0.3 percent during that period. However, Asian shares rose on Thursday after Wall Street managed to end higher.

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