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Gold surges to one-year high

Gold surges to one-year high

LONDON: Gold surged nearly 4 per cent on Thursday to its highest in a year as fears about financial instability, a lower dollar and US Treasury yields persuaded investors to seek refuge in the precious metal.

Traders said financial instability fears were fuelled by European bank shares slumping to multi-year lows, with concerns mounting over banks’ profitability in a low-growth and low-interest rate environment.

Spot gold jumped as much as 3.6pc to $1,240.90 an ounce, its highest since February 2015, and was up 3pc at $1,233.70 at 1254 GMT. It is on track for its biggest daily rise since Dec 1, 2014.

Gold option volatility surged to the highest in more than a year as investors have placed new bullish bets that prices will extend their recent rally. Spot platinum climbed 1.2pc to $938.49 while palladium rose 0.1pc to $522.50.

Courtesy : Dawn News



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