21.10.202110:40:00UTC+00Gold Inches Higher In Cautious Trade

Gold inched higher on Thursday as concerns over persistently higher inflation and fresh fears around the crisis at the heavily indebted developer Evergrande buoyed the safe-haven metal's appeal.

Spot gold edged up 0.3 percent to $1,786.48 per ounce, while U.S. gold futures were up 0.1 percent at $1,786.80.

The upside remained capped as U.S. benchmark 10-year yields hit their highest in five months after a weak 20-year auction.

The dollar inched lower after two U.S. Federal Reserve officials said it was too soon for interest rate hikes.

Equities remain under pressure despite more Chinese officials seeking to reassure investors and homeowners over a debt crisis afflicting the country's property sector.

China Evergrande reportedly won a more than three month extension to the maturity of a $260 million bond, a day after a deal to sell a $2.6 billion stake in its property services unit failed.

Statements from other property developers also exacerbated investor concern of contagion.

Chinese Estates Holdings said it would book a loss of $29m in its current fiscal year from the sale of bonds issued by property developer Kaisa Group.

Modern Land has withdrawn its plan seeking permission from its debtholders to allow the Chinese property developer to delay repaying a $250 million bond.