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Gold firm on lower dollar

Latest Update: August 16, 2016 | 123 Views
Gold

LONDON: Gold rose on Monday as the dollar edged lower as expectations dwindled that the Federal Reserve will raise interest rate this year.

Data on Friday showed US retail sales were unexpectedly flat in July, signalling a moderation in consumer spending. Spot gold was up 0.3 per cent at $1,339.83 an ounce by 1429 GMT.

The metal rose as much as 1.3pc after the data on Friday, before giving up gains. US gold was up 0.2pc at $1,345.30 an ounce.

Spot gold remained within reach of a more than two-year high of $1,374.91 hit last month as investors sought refuge from volatility across financial markets following Britain’s vote to leave the European Union.

Silver was up 0.6pc at $19.81 an ounce. Platinum fell to a near three-week low of $1,107.20 and palladium was down 0.1pc at $683.20.

Reuters