Gold continues to rise as dollar rally pauses

Gold prices rose on Wednesday, extending gains for the second straight day, with support above the $1,800 barrier amid safe haven demand, while the US dollar faltered against its peers.

Gold prices rose 0.3% to $1,820.13, after opening at $1,814.73, and hit a day high at $1,812.59.

Gold closed higher by 0.7% yesterday, and recouped some of the heavy losses in the first session of the new year.

The dollar index fell 0.2% against a basket of major currencies today, and pulled back from its 2-week high of 96.46 points due to profit-taking.

Investors are also awaiting a slew of key data on the US labor market, which helps the market parse the Federal Reserve's rate hikes prospects in May.

Gold stocks at the SPDR ETF rose 4.65 metric tonnes yesterday, with the total at the highest since December 14 at 980.31 metric tonnes.