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Gold hits nine-week high

Gold hits nine-week high

LONDON: Gold climbed above $1,100 an ounce for the first time in nine weeks on Thursday as the dollar fell and investors channelled money into safer assets after worries about the Chinese economy hit global stocks.

Spot gold rose to a nine-week high of $1,106.80 an ounce at one stage and was up 1.1 per cent at $1,105.73 by 1503 GMT. US gold futures also jumped for a fourth straight session to a nine-week high of $1,106.70.

Palladium, however, which is more exposed to economic weakness because it is used as an autocatalyst metal, slipped to $482 an ounce, its lowest since August 2010. It followed weakness in crude oil and industrial metals.

Bullion was also supported by a softer dollar and the release of the minutes of the US Fed last policy meeting.

Silver rose 0.7pc to $14.11 an ounce and platinum dropped 0.5pc to $871.

Courtesy : Dawn News



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