Global gold price rises as dollar weakens


FE Team | Published: November 17, 2017 15:51:24


File Photo (Reuters)

Gold price edged higher on Friday as the dollar weakened as investigators looking into possible Russian interference in the US presidential election.

Spot gold was up 0.2 per cent at $1,281.51 per ounce, as of 0811 GMT. It is up about 0.5 per cent for the week, poised to post a second straight weekly gain.

US gold futures for December delivery rose 0.3 per cent to $1,281.80, reports Reuters.

Spot gold is biased to rise above a neutral range of $1,270-$1,286 per ounce, and gain further towards $1,298, according to technical analyst Wang Tao.

The dollar index against a basket of six major currencies was down 0.2 per cent.

Silver was nearly unchanged at $17.087 an ounce, platinum rose 0.4 per cent to $934.30 and palladium gained 0.7 per cent to $994.50.

For the week, silver has risen 1.1 per cent, in what could be its best week in five. Platinum is up 0.9 per cent, heading for a third straight weekly rise, while palladium is almost unchanged.

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