LONDON: Gold gained more on Tuesday as the dollar eased in the wake of disappointing US economic data that raised doubts over a Federal Reserve rate rise this year.

Spot gold rose 1.2 per cent to a ten-day high of $1,149.70 an ounce and was up 0.9pc at $1,147.03 an ounce by 1418 GMT.

The gains added to Friday’s 2.2pc jump, the biggest one-day rise since Jan. 15, which followed data showing US employers had slammed the brakes on hiring over the last two months.

The dollar was down 0.3pc against a basket of currencies and global shares rose.

SPDR Gold Trust, the top gold-backed exchange-traded fund, saw a small outflow of 0.22 tonnes on Monday. That is the fund’s first outflow in two weeks.

Silver rose to a fresh three-month high of $16.02 an ounce. It has gained nearly 8pc in the last two sessions.

Platinum rose 2.5pc to $935.99 an ounce, having hit a near seven-year low of $888 on Friday. Palladium reached its highest since June at $711.

Published in Dawn, October 7th, 2015

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