Gold holds gain as US dollar eases

Gold holds gain as US dollar eases

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LONDON: Gold prices record an upsurge on Wednesday from a 11-day low in the previous session as a US dollar rally appeared to lose.

Gold has dipped 1.7% from Aug 28 high as currency weakens in emerging markets and concerns over global trade disputes strengthened the dollar, making bullion more expensive for buyers with other currencies.

But with the metal still close to a 1 1/2-year low of $1,159.96 an ounce touched last month, there is little room for prices to slash down, Julius Baer analyst Carsten Menke said.

With regard to other precious metals, spot silver was up 0.4% at $14.13 after falling to its lowest since January 2016 at $13.97 in the previous session.

Platinum dropped 0.9% to $768.99 having hit $761.80, the lowest since Aug 16, on Tuesday.

Palladium was up 0.3% at $982.47 after touching the highest in 11 weeks at $988.47 on Tuesday.

 

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