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Gold climbs towards $1,250oz

Gold climbs towards $1,250oz

LONDON: Gold rose back towards $1,250 an ounce on Thursday as the dollar eased and equity markets retreated, sharpening appetite for the metal as an alternative asset, but moves were muted ahead of Friday’s US payrolls data.

Spot gold was up 0.5 per cent at $1,246.61 an ounce by 1450 GMT, while US gold futures for April delivery were up $6.20 an ounce at $1,248.00.

The dollar extended losses after data showed a rise in US jobless claims last week, though the underlying trend continued to point to a strengthening labour market. US stocks opened lower, while European shares fell 0.6pc.

Gold has risen 17pc this year, hitting a one-year high of $1,260.60 an ounce last month as stock market volatility picked up on fears over the health of the global economy.

Inflows into gold-backed exchange-traded funds, which issue securities backed by physical metal, have risen sharply, with holdings of the largest, SPDR Gold Shares, hitting 788.6 tonnes on Wednesday, the most since Sept. 2014.

Silver was up 0.7pc at $15.06 an ounce, while platinum was up 0.8pc at $938.99 an ounce and palladium was up 2.7pc at $529.05 an ounce.

Courtesy : Dawn News



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