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02 October 2023

Gold trades flat, may shine again as dollar drops

By Staff Writer

Gold prices were little changed yesterday and are likely to extend their gains to the highest almost a month as the dollar weakens, boosting demand for the precious metal. Gold for immediate delivery was at $1,118.43 an ounce Singapore after trading between $1,115.95 and $1,120.90.

Bullion on Tuesday rose 1.7 per cent to $1,119.45 an ounce, the highest closing price since January 19.

Global gold demand rose 2.6 per cent to 819.7 tonne in the fourth quarter from the previous three months as investment and jewellery consumption climbed, said the London-based World Gold Council said.

Silver for immediate delivery climbed as much as one per cent to $16.295 an ounce, palladium rose as much as 0.5 per cent to $435.25 an ounce, and platinum gained 0.8 per cent to $1,551 an ounce.

The Dollar Index, which tracks the value of the US dollar against six major currencies including the euro, stayed at less than 80 for a second day as equities rose on signs the global economy is recovering.

"We're going to see more upside," said Peter McGuire, Managing Director at CWA Global Markets. The price may rise to as much as $1,125 an ounce as the weaker dollar attracts more investors, he said.


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