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Gold climbs to 5-month peak

Updated December 07, 2018

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Gold rebounds as dollar declines amid expectations of slowdown in pace of US rate hike. ─ AFP/File
Gold rebounds as dollar declines amid expectations of slowdown in pace of US rate hike. ─ AFP/File

LONDON: Gold rebounded to a near 5-month peak on Thursday as the dollar declined amid expectations of a slowdown in the pace of US rate hikes, with investors seeking refuge from a sell-off in global stocks.

Spot gold rose 0.3 per cent to $1,241.15 per ounce at 11:01am EST (1601 GMT), having reached $1,244.32 per ounce, its highest since July 17. US gold futures were 0.3pc higher at $1,246.60 per ounce.

Spot palladium slid 4.3pc to $1,190.41 per ounce after rising to an all-time high of $1,263.56 per ounce in the previous session. Silver fell 0.5pc to $14.43 per ounce, while platinum extended losses into a third session, declining 2.2pc to $782.99 per ounce.

Published in Dawn, December 7th, 2018

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