LONDON: The price of gold rose on Tuesday as the dollar edged lower against a basket of currencies and concerns over the global economic outlook trumped some expectations that the US Federal Reserve could raise interest rates this year.
The rise for gold picked up momentum after it broke above a key chart level just below $1,335 an ounce, analysts said.
Spot gold was up 0.5 per cent at $1,341.71 an ounce at 1412 GMT, off an earlier low of $1,330.03, while US gold futures for December delivery were up $6.50 an ounce at $1,347.80.
Silver was up 0.8pc at $19.86 an ounce after touching a near two-week low on Monday. Platinum was 0.3pc higher at $1,154.99. Palladium, which earlier touched a two-week low at $683.53, was up 0.6pc at $692.97.