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Gold higher

Gold higher

LONDON: Gold reversed earlier losses on Friday as the dollar fell after weaker-than-expected US data, but prices remained on course for their biggest monthly decline in more than two years on expectations the Federal Reserve will soon raise rates.

A US government index on employment costs rose less than forecast.

Spot gold, lower initially, rose as much as 1.4 per cent to a session high of $1,103.10 an ounce, before trading up 0.9pc at $1,097.11 by 1345 GMT.

US gold for August delivery climbed 0.7pc to $1,096.20 an ounce.

Bullion had come under pressure in recent sessions, with a rout last week shaking investor confidence and driving prices to a 5-1/2-year low of $1,077 on July 24. The metal has lost 6.3pc so far this month, its steepest decline since June 2013.

On the Shanghai Gold Exchange, premiums stood at just over $1 an ounce on the London spot price, traders said.

Spot platinum fell 1.8pc to $969 an ounce, palladium dropped 1.5pc to $609 an ounce and silver was down 0.7pc at $14.53 an ounce.

Published in Dawn, August 1st, 2015

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