LONDON: Gold rose 1 per cent on Thursday as the dollar and stock markets retreated, keeping the metal on course for its biggest quarterly gain in nearly 30 years as expectations of US interest rate hikes receded.
The metal is highly exposed to rising rates, which lift the opportunity cost of holding non-yielding assets, while boosting the dollar.
Gold fell 10pc last year ahead of the first US rate increase in nearly a decade in December.
Spot gold was up 1pc at $1,236.16 an ounce at 1330 GMT, while US gold futures for April delivery were up $9.80 an ounce at $1,238.40.
World stocks fell for the first time in four days on Thursday as a roller coaster quarter drew to a close, while the dollar slid to a five-month low against the euro.
Gold, along with other markets, is now awaiting fresh direction from US non-farm payrolls data on Friday, a closely watched barometer of the health of the US economy.
A soft reading would bolster the view that rate hikes are not imminent.
Silver was up 1.7pc at $15.43 an ounce, while platinum was 2.1pc higher at $976.24 an ounce and palladium was up 1.9pc at $572.42 an ounce.
Courtesy : Dawn News