Gold Rebounds From 11-Week Low as Dollar’s Decline Spurs Demand

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Gold Rebounds From 11-Week Low as Dollar’s Decline Spurs Demand

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PT. Equityworld Futures – Gold futures rebounded from an 11-week low as the dollar’s decline boosted the appeal of the precious metal as an alternative investment.

The greenback fell as much as 0.9 percent against a basket of 10 counterparts after a French official said President Barack Obama told delegates at a summit of the Group of Seven that the strong dollar posed a problem. Obama said he didn’t express concerns that the currency’s strength was an issue. Platinum futures also climbed.

Gold futures for August delivery climbed 0.5 percent to settle at $1,173.60 an ounce at 1:39 p.m. on the Comex in New York. On June 5, the price touched $1,162.10.

Platinum futures for July delivery rose 0.8 percent to $1,101.20 an ounce on the New York Mercantile Exchange. Aggregate trading was 25 percent above the 100-day average, according to data compiled by Bloomberg.

Palladium futures for September delivery declined 1 percent to $743.75 an ounce on the Nymex. The price dropped for the seventh straight session, the longest slump since Feb. 4, 2014.

Silver futures for July delivery fell 0.2 percent to $15.959 an ounce on the Comex. The metal dropped for the fourth straight session, the longest slump since March 11.

Sumber : ewfpro.com

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