Gold prices rise for second straight session

Dhaka,  Tue,  22 August 2017
Published : 12 May 2017, 11:46:01

Gold prices rise for second straight session

Gold prices rise for second straight session
Gold prices rose on Friday for a second straight session as political uncertainty in the United States following the sacking of FBI chief James Comey pressured the dollar and equities fell.

Spot gold rose 0.2 per cent to $1,226.71 per ounce at 0313 GMT. Spot gold rose 0.5 per cent in the previous session, its best one-day gain in a month.

It had earlier hit an eight-week low of $1,213.81 an ounce on Tuesday.

US gold futures were also up 0.2 per cent at $1,226.60 an ounce.

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 0.1 per cent at 99.570.

Spot gold may drop to $1,209 per ounce, as its downtrend from the April 17 high of $1,295.42 remains steady, analyst said.

Among other precious metals, silver rose 0.6 per cent to $16.39.

Platinum edged up 0.1 per cent to $915.25, while palladium rose 0.3 per cent to $803.70, according to Reuters.
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