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Metals: Gold gains 1% on Monday

18/11/2024
Source : ORISHAS FINANCE
Categories: Raw materials

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While the rise in the dollar stopped, the price of gold rose on Monday after the sharp falls last week.

Spot gold strengthened 1% to $2,587.49 per ounce at 0150 GMT, after having its worst week in over three years on Friday. US gold futures rose 0.9% to $2,592.00. According to Yeap Jun Rong, market strategist at IG, “Gold prices are expected to recover slightly after the recent sell-offs and we can expect some upside with some dollar rollover.” Rising interest rates are reducing the interest in holding bullion with no yield

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Spot silver rose 1.1% to $30.53 per ounce, platinum increased 1.1% to $948.95, and palladium rose 1.2% to $962.44 per ounce.

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