|Published : 13 Oct 2016, 14:19:30|
Gold prices rise on weaker dollar
Gold prices rose on Thursday as the US dollar pared early gains and equities plunged on Chinese trade data that stoked concerns about the health of the world's No.2 economy.
The climb in bullion came despite signals from the US Federal Reserve minutes that the central bank could raise interest rates in December.
The dollar index, which measures the greenback against a basket of six major currencies, fell 0.1 per cent to 97.879.
Spot gold was up 0.5 per cent at $1,260.34 an ounce by 0405 GMT, its best one-day gain in three weeks.
US gold futures advanced 0.6 per cent to $1,261.30 an ounce.
Spot gold may break support at $1,250 per ounce and fall to its Oct. 7 low of $1,241.20.
Among other precious metals, silver gained 0.7 per cent to $17.57 an ounce.
Platinum was up 0.6 per cent at $947.60 an ounce, its biggest single day gain since Sept. 21.
Palladium slid 0.8 per cent to $644.10 an ounce, after touching a low of $641.22, its weakest since July 19, according to a news agency report.