London, November 29 (QNA) – Gold prices rose on Tuesday, supported by a softer dollar, while market participants awaited more clarity on the US Federal Reserve’s rate-hike stance.
Spot gold was up 0.7% at $1,753.34 per ounce. US gold futures rose 0.7% to $1,752.60.
Bullion prices fell about 1% in the previous session after comments from US Federal Reserve officials. Fed Presidents said there was a long way to go to fight inflation.
Spot silver gained 1.4% to $21.20, platinum rose 1.1% to $999.54 and palladium was up 1.5% at $1,872.88.
The dollar index inched 0.4% lower, making gold cheaper for overseas buyers. Gold is also sensitive to rising interest rates as they increase the opportunity cost of holding the non-yielding asset. (QNA)
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