LONDON: Gold prices rose back above the key $1,500 level on Friday as the US dollar slipped on the back of a strong euro, though hopes for a thaw in Sino-US trade tensions supported equity markets, capping bullion’s gains.

Spot gold was up 0.6 per cent to $1,507.96 per ounce as of 1156 GMT, up marginally for the week.

US gold futures were up 0.6pc to $1,515.60 per ounce.

“The main reason is that the dollar is lower.

Market focus is now on the Federal Reserve meeting and retail sales data, which is due today,” ABN Amro analyst Georgette Boele said.

The US dollar slipped from an over one-week high scaled in the previous session as the euro surged on rising German bond yields as investors bet the European Central Bank was done cutting interest rates.

Elsewhere, palladium fell 0.7pc to $1,606.76 per ounce, after hitting an all-time high of $1,621.55 on Thursday as possible labour issues in South African mines stoked supply concerns in an already tight market.

The auto-catalyst metal, however, was up over 4pc so far this week and was on track for a sixth straight weekly gain.

Silver rose 0.4pc to $18.17 per ounce, while platinum inched 0.8 pder cent higher to $958.68 and was on course to gain for a fourth week.

Published in Dawn, September 14th, 2019