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Gold climbs 2pc

Gold climbs 2pc

LONDON: Gold rose nearly 2 per cent on Friday, after dropping for four of the past five sessions, as a weaker dollar and falling equity markets underpinned demand for assets perceived as safer.

European shares dropped, following losses in Asian markets, to 3-1/2-year lows on renewed oil price weakness and disappointing Chinese data.

Spot gold rose to a session high of $1,097.20 an ounce and was up 1.2pc at $1,090.76 by 1519 GMT, while US gold futures gained 1.9pc to $1,094.10.

Bullion hit a two-month high of $1,112 last week as volatility in Chinese stocks raised concerns about the state of the global economy, leaving investors looking for a refuge in gold and other safe havens.

The metal was assisted by a weaker dollar, which fell 0.5pc against a basket of leading currencies, extending losses after weaker than expected US data and making gold cheaper for foreign currency holders.

Silver was up 1pc at $13.95 an ounce, palladium rose 0.4pc to $490.47 an ounce, heading for a second week of declines after a 12pc slide last week and platinum rose 0.4pc to $833.87.

Courtesy : Dawn News



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