23:30 GMT: Gold hit another peak on Wednesday before giving up most of its gains as the dollar recovered some of its early losses and stocks struggled for traction.
Traders plumped for the asset with the most momentum as the dollar fell earlier in the day, pushing gold to a high of $1,152.85. But as the dollar pared its losses, bullion was trading up only 0.3 per cent at $1,144.70 an ounce. The precious metal had also advanced strongly late on Tuesday in spite of the dollar also gaining ground. The move challenged recent market convention that a weak dollar was good for riskier assets and vice versa.
