LONDON: Gold edged higher on Thursday in response to a lower dollar and also uncertainty about the outcome of a tight US presidential race.

“Risk-off sentiment has helped gold above $1,300 yesterday ... and as long as uncertainty around the outcome of US elections continues, we can see support,” Saxo Bank head of research Ole Hansen said.

Spot gold, lower initially, rose 0.2pc to $1,298.91 an ounce at 1537 GMT. It touched a one-month high of $1,307.76 in the previous session, before retreating as Federal Reserve signalled it could raise interest rates next month.

Among other precious metals, silver fell 1.1pc to $18.23, retreating from a high of about $18.73 on Wednesday, its best level since Oct. 4. Platinum was up 0.6pc at $991.40 and palladium dropped 0.8pc to $623.25.

Published in Dawn, November 4th, 2016