Markets

Gold keeps up rally as silver hits 30 yr high

Gold prices extended gains in Asian trade Monday as the dollar continued its southern journey while the silver hit a 30-year high.

Gold for immediate delivery was seen trading at $ 1355.61 an ounce at 1.00 p.m Singapore time while spot silver rose to a 30-year high of $23.65 an ounce, before easing to $23.39.

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U.S. gold futures for December delivery were up 0.6 percent at $1,353.9 an ounce on the comex division of Nymex.

The dollar slumped against the euro after dropping last week to the lowest level since January. Continuous weakness in the U.S. dollar also lent support to bullion.

The dollar slid to 15-year lows versus the yen on Monday on the soft jobs data, while the IMF and G7 meetings produced nothing to avert a cycle of competitive depreciation.

The dollar fell after a larger-than-expected cut in U.S. jobs last week increased speculation the Federal Reserve will widen government-debt purchases to bolster the economy. Bullion typically moves in the opposite direction to the U.S. currency.

Spot silver reached a 30-year high and gold was firm on Monday after disappointing U.S. payrolls data underpinned hopes of more stimulus from the Federal Reserve, spurring interest in precious metals.

Demand for gold as a haven from weakening currencies has helped boost investment in exchange-traded products.

Global holdings gained about 1.1 metric tons to 2,084.76 metric tons on Oct.8, according to Bloomberg data from 10 providers, after reaching a record 2,097.01 tons on Sept. 30

Platinum was little changed at $1,706.50 an ounce, while palladium advanced as much as 0.7 percent to $591.25 an ounce after reaching a nine-year high of $604 last week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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