Gold back above $1,360

Gold back above $1,360

Gold back above $1,360 LONDON: Gold rose on Tuesday as European shares fell 1 per cent and the dollar hit its lowest in over a month versus the euro, after last week’s soft US growth data dented expectations for a near-term interest rate hike.

Platinum group metals continued to shine, with platinum reaching its highest since April 2015 and palladium hitting a 14-month peak.

Spot gold was up 0.9pc at $1,364.39 an ounce at 1405 GMT, while US gold futures for December delivery were up $11.80 an ounce at $1,371.40.

Gold is highly sensitive to US interest rates, which lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Shares, rose 5.9 tonnes on Monday, its biggest one-day inflow since late June.

Platinum was 1.2pc higher at $1,171.20 an ounce on Tuesday. Palladium was 0.9pc higher at $719.10 an ounce.

Silver was up 1.6pc at $20.73 an ounce.

Source: http://www.dawn.com/news/1274931/gold-back-above-1360

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