Gold prices climb as dollar weakens

Dhaka,  Wed,  23 August 2017
Published : 18 Oct 2016, 15:08:46

Gold prices climb as dollar weakens

Gold prices climb as dollar weakens
Gold prices rose for a second day on Tuesday, supported by a weaker US dollar amid uncertainty over when the US Federal Reserve will raise interest rates.

Spot gold was up 0.5 per cent at $1,261.25 an ounce at 0711 GMT.

US gold futures had risen 0.5 per cent to $1,262.60 an ounce.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund (ETF), rose for a third straight session on Monday. They were up 0.18 per cent at 967.21 tonnes. 

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

The dollar index, which measures the greenback against a basket of currencies, was down 0.2 per cent at 97.746 after touching seven-month highs Monday. 

A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies. 

Asian stocks rose on Tuesday thanks to a rebound in oil prices.

Spot gold may test resistance at $1,266 per ounce, as suggested by its wave pattern and Fibonacci projection analysis.

Gold is likely to recover to above $1,300 an ounce next year as a pickup in physical demand counters more potential US rate increases.

Silver was up over 1.0 per cent at $17.62 an ounce.

Platinum rose 0.8 per cent to $944.35. It touched a new over 7-month low of $923 on Monday. 

Palladium was up nearly 1.0 per cent at $643.05, according to Reuters.

Editor : A.H.M Moazzem Hossain
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