LONDON: The price of gold rose to a one-year peak on Thursday after the dollar tumbled on the back of weak US jobs data and an unchanged growth and inflation outlook from the European Central Bank (ECB).

Spot gold climbed to an intraday peak of $1,345.25 an ounce, the strongest since September 2016, before paring gains to $1,341.54 by 1340 GMT, a rise of 0.6 per cent. It eased 0.3pc in the previous session. US gold futures for December delivery rose 0.6pc to $1,346.80.

The weak data helped push the dollar index down to 91.405, the lowest since January 2015. “The weaker US economic data pushed the odds for a rate hike to ground.

Silver rose 0.8pc to $17.97 an ounce, while platinum dipped 0.3pc to $999.99 an ounce. Palladium added 0.2pc to $941.10 an ounce.

Published in Dawn, September 8th, 2017