BENGALURU: Gold rose to a one-week high on Friday as the dollar softened, while palladium held near a record high close to the price of bullion.

Spot gold was up 0.3 per cent at $1,216.11 an ounce by 1309 GMT, having touched its highest since Nov. 9 at $1,218.33. US gold futures gained 0.2pc to $1,216.9.

A weaker dollar makes bullion cheaper for holders of other currencies.

“Gold should continue to find demand on dips, provided the US dollar remains in check,” Stephen Innes, APAC trading head at OANDA in Singapore, said in a note.

Palladium is the only precious metal on track for a gain for the year.

Silver was down 0.2pc at $14.25 an ounce, on course for a weekly gain of about 1pc. Platinum fell 0.6pc to $836, down more than 1pc so far this week.

Published in Dawn, November 17th, 2018