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Gold prices gains in Asia on Wednesday with a weaker dollar aiding buying for the greenback-denominated commodity with a backdrop of rising concerns about growing US protectionism in global trade ahead of a speech at the end of the week by president Trump in Davos.


Comex gold futures rose 0.26% to $1,340.20 a troy ounce. The US dollar index was down 0.14% to 89.75.


Overnight, gold prices remained higher on Tuesday, as sentiment on the U.S. dollar remained fragile even after the U.S. government shutdown ended.


The dollar only mildly recovered after Congress approved a measure on Monday to fund the government for around three weeks and President Donald Trump signed the bill, ending the three-day government shutdown.


Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.