Markets

Gold rises on firm stocks, weak dollar

Gold prices edged up in Asian trade Monday, tracking high level of investor confidence amid strong stock markets in the region.

Gold for immediate delivery was seen trading at $1183.39 an ounce at 12.00 noon Singapore while U.S. gold futures for December delivery was at $1,185.4 an ounce on the comex division of NYMEX.

Silver for immediate delivery was at $18.065 an ounce, platinum at $1,587.95 an ounce, while palladium was little changed at $497.25 an ounce at the same time.

Equity markets across Asia advanced while the dollar hit a three-month low against a basket of currencies due to concerns the U.S. economy's recovery was losing momentum following the release of poor economic growth data.

Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust said holdings were unchanged at 1,282.279 metric tons, having dropped more than 18 metric tons in late July. The holdings hit a record at 1,320.436 metric tons on June 29.

On Friday, gold for December delivery settled at $1,183.90 an ounce, while October platinum ended $1,576.80 an ounce

The metal declined 4.9 percent in July, the biggest monthly drop this year. December-delivery futures were little changed at $1,183.70.

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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