Gold prices rose, on Tuesday, rebounding from six consecutive sessions of losses, supported by the decline of the dollar, in the wake of weak data on private sector activity in the United States of America.
Sharjah 24 – Archyde.com:
Gold prices rose on Tuesday, reversing six consecutive sessions of losses, supported by the dollar’s decline following weak data on private sector activity in the United States.
And gold rose in spot transactions 0.76% to $ 1748.90 an ounce by 1705 GMT, and the prices of the precious metal had fallen over the past six sessions, and recorded $ 1727.01 on Monday, the lowest level since July 27.
US gold futures rose 0.8% to $1,762.20 an ounce.
“The dollar and bond yields fell following the PMI data, which is helping gold,” said Edward Moya, chief analyst at OANDA.
The dollar index fell 0.5%, making gold cheaper for buyers holding other currencies, and US Treasury yields also fell.
Among other precious metals, spot silver rose 0.58 percent to $19.12 an ounce, while platinum rose 0.3 percent to $878.72 and palladium fell 0.8 percent to $1980.20.
