2018.11.1406:21:00UTC+00Gold Inches Higher As Dollar Dips From 16-month High

Gold prices were moving higher on Wednesday as the dollar slid from a 16-month high touched earlier in the week, amid easing concerns over Italy and Brexit.

Spot gold inched up around 0.1 percent to $1,200.21 per ounce after hitting its lowest level since Oct. 11 at $1,195.90 the previous day. U.S. gold futures were up 0.12 percent at $1,200.50 per ounce.

Italy's populist government re-submitted its draft budget for next year to the European Commission, with unchanged growth and budget deficit assumptions, but falling debt targets.

U.K. Prime Minister Theresa May is holding an emergency cabinet meeting today to discuss a draft Brexit deal drawn up this week in Brussels.

Asian stock markets ended mostly lower today and European shares are falling as weak GDP data from Japan and Germany spurred concerns about sluggish global economic growth.

A slew of Chinese data proved to be a mixed bag, with growth in industrial output and investment accelerating in October while retail sales growth slowed from the previous month.