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Gold edges higher

Gold edges higher

LONDON: Gold prices rose to their highest in almost three weeks on Monday, setting the market on course towards $1,300 an ounce, drawing confidence from continued ultra-low interest rates.

Spot gold hit $1,254.06 an ounce in early trade, its highest since March 22, before retreating slightly to $1,253.40 at 1347 GMT, up 1 per cent.

Assets in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.22pc to 817.81 tonnes on Friday.

In other precious metals, silver gained 2.9pc to $15.81 an ounce, platinum rose 2.7pc to $982 and palladium was up 2.3pc at $550.69.

Published in Dawn, April 12th, 2016

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