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Gold edges up

Gold edges up

LONDON: Gold firmed on Tuesday as a retreat in the dollar index helped the metal snap a four-day losing streak, but remained close to 2-1/2 week lows as uncertainty over a looming US interest rate hike persisted.

Spot gold was up 0.2 per cent at $1,121.08 an ounce at 1417 GMT, while US gold futures for December delivery were down 80 cents an ounce at $1,120.60.

Spot prices hit their lowest since mid-August on Friday, at $1,116.20 an ounce, as hotly anticipated US payrolls data failed to provide clarity on the timing of the Federal Reserve’s interest rate rise.

Expectations for rising rates, which would lift the opportunity cost of holding non-yielding bullion, have pushed the metal 5pc lower this year and remain gold’s biggest driver, analysts said.

Silver rose 0.6pc at $14.64 an ounce, while platinum 1.6pc at $999.49 an ounce and palladium 2.7pc at $589.50 an ounce.

Published in Dawn, September 9th, 2015

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