Global gold prices rise on dollar retreat

| Updated: October 22, 2017 09:53:22

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Gold prices rose on Wednesday after marking a 7-week low in the previous session, buoyed as the dollar pulled back from a 1-1/2-month high against a basket of currencies.

Spot gold had risen 0.3 per cent to $1,275.91 an ounce by 0648 GMT. It touched its lowest since mid-August at $1,267.76 on Tuesday, reports Reuters.

US gold futures for December delivery also rose 0.3 per cent, to $1,278.60 per ounce.

The dollar on Wednesday shed gains versus the yen and against a basket of major currencies.

A weaker dollar makes bullion cheaper for holders of other currencies, while stronger equities imply increased appetite for risk among investors.

Spot gold may break resistance at $1,279 and rise into a zone of $1,287-$1,297 per ounce, said Reuters technicals analyst Wang Tao.

Among other precious metals, silver climbed 1.0 per cent to $16.76 an ounce.

Platinum was about 1.0 per cent higher at $915.50 an ounce, while palladium climbed 0.7 per cent to $921.30 an ounce.

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