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Gold rebounds

Gold rebounds

LONDON: Gold rose by about 1 per cent on Tuesday as European shares fell and inflows into bullion funds continued, boosting prices.

Assets in SPDR Gold Trust, the top gold-backed exchange-traded fund (ETF), rose more than 19 tonnes to 752.29 tonnes on Monday, the highest since March 2015.

Spot gold was up 1 per cent at $1,220.21 an ounce by 1453 GMT. Prices had fallen 1.6 per cent on Monday, when the dollar and equities rallied.

The metal, however, could be vulnerable to more corrections in the short term, analysts said.

Technically, the gold price should stabilise in the $1,200 to $1,192 an ounce area, Commerzbank said.

Among other precious metals, silver rose by 0.6pc to $15.25 an ounce after hitting a two-week low of $14.90 on Monday. Platinum was up 1pc at $936.10, while palladium firmed 1.1pc to $499.50.

Courtesy : Dawn News



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