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The Financial Express

Global gold price rises for sixth day

| Updated: October 24, 2017 11:09:48


Gold price rises ahead of US data

Gold rose for a sixth day on Friday, buoyed by a weaker dollar, with investors waiting for key US inflation data for clues on the outlook for potential hikes in US interest rates.

Spot gold was up 0.3 per cent at $1,297.06 an ounce, as of 0657 GMT, after earlier marking its highest since Sept. 26, reports Reuters.

The metal was on track to post its first weekly gain in five.

US gold futures for December delivery gained 0.2 per cent at $1,299.30 per ounce.

The dollar slipped on Friday, on track for weekly losses as investors awaited the US inflation data to gauge the likelihood that the Federal Reserve will stick to its plan to raise interest rates again this year.

Spot gold may retest a resistance zone of $1,297-$1,299 per ounce, a break above which could lead to a gain to $1,305, Reuters technicals analyst Wang Tao said.

Silver was up 0.7 per cent at $17.28 an ounce, after marking an over three-week high earlier in the session.

Platinum and palladium climbed 0.6 per cent each to $938.70 and $978.60 an ounce, respectively.

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