LONDON: Gold climbed 1 per cent on Monday as a dip in the dollar sparked a rally from the previous session’s six-week low, though caution over the timing of a US interest rate hike kept prices hemmed within a narrow range.

Silver also jumped, to its highest level in nearly four weeks, as the dollar index gave up early gains to fall 0.1pc. Trading across financial markets was thinned by a UK holiday on Monday, with London markets closed.

Spot gold was up 0.9pc at $1,188.30 an ounce at 1346 GMT, off a high of $1,192, while US gold futures for June delivery were up $13.10 an ounce at $1,187.60.

Published in Dawn, May 5th, 2015

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