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Gold gets boost from soft dollar

Gold gets boost from soft dollar

LONDON: Gold rose for a third straight session on Wednesday, bolstered by a softer dollar and worries over the Greek debt crisis, but a looming US interest rate increase and outflows from bullion-backed funds capped the upside.

Spot gold climbed as much as 1.3 per cent to a one-week high of $1,189.60 an ounce and was up 0.9pc at $1,192.10 by 1449 GMT.

“Uncertainty around Greece and a softer dollar are definitely helping today...there is good support in the $1,180 area right now,” MKS SA senior vice president Bernard Sin said.

Holdings in top gold ETF SPDR Gold Trust fell to their lowest since January at 705.72 tonnes on Tuesday.

Spot platinum was up 0.9pc at $1,112.24 an ounce. Silver rose 0.3pc to $15.99 an ounce, while palladium gained 0.1pc to $741 an ounce.

Published in Dawn, June 11th, 2015

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