2017.10.1801:09:00UTC+00Gold Prices Climb from 1-Week Low

Gold prices rose on Wednesday from a one-week low while the dollar was steady. However, speculation that U.S. President Donald Trump might pick a policy hawk to lead the Federal Reserve added pressure on the yellow metal.

Spot gold climbed 0.1 percent to $1,286.10 per ounce. The precious metal notched a one-week low of $1,281.31 in the session earlier.

U.S. gold futures for December delivery increased 0.2 percent at $1,288.3 an ounce.

The price of the precious metal is seen to climb to $1,369 per ounce by October 2018, delegates to the London Bullion Market Association's annual gathering forecasted.

Open interest on the London Metal Exchange's precious metals contracts has exceeded three million ounces of gold, according to the exchange.

India's Multi Commodity Exchange recently launched the nation's first gold options contract in New Delhi to correspond with the gold-buying festival of Dhanteras.

The dollar index, which measures the U.S. currency versus a basket of currencies, was flat at 93.449 after climbing for four consecutive days.

U.S. President Donald Trump has a pool of five candidates to choose from for the next chair of the Federal Reserve and will likely to announce his choice before going to Asia in early November, according to a source familiar with the matter.