BLBG: Gold Rises as Weakening Dollar Spurs Demand; Silver Gains
Gold rose to the highest in more than two weeks as a weakening dollar spurred demand for a haven asset.
Bullion for immediate delivery gained 0.6 percent to $1,193.45 an ounce by 3:59 p.m. in Singapore, Bloomberg generic pricing showed. Prices earlier today jumped as much as 0.8 percent to the highest price since Oct. 31. The Bloomberg Dollar Spot Index declined 0.2 percent.
Holdings in exchange-traded products backed by gold expanded 0.1 percent yesterday, the first increase since Oct. 31. Gold has dropped 0.7 percent this year as the U.S. Federal Reserve gets closer to raising interest rates. The Fed tomorrow releases minutes of its Oct. 28-29 meeting when it ended its asset-purchase program on schedule.
Gold for December delivery rose 0.9 percent to $1,194.20 an ounce on the Comex in New York. Silver for immediate delivery climbed 0.9 percent to $16.2998 an ounce, platinum increased 0.4 percent to $1,205.57 an ounce and palladium advanced 0.2 percent to $771.50 an ounce.
To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net
To contact the editors responsible for this story: James Poole at jpoole4@bloomberg.net Alexander Kwiatkowski, Claudia Carpenter