World Economy

Gold Over 3-Week High

Gold Over 3-Week HighGold Over 3-Week High

Gold prices edged up on Tuesday to more than a three-week high on a weaker dollar, while palladium hit its highest since Feb. 2001. Spot gold was trading 0.3% higher at $1,278.04 per ounce, after hitting its highest level since Dec. 1 at $1,279.19, Reuters reported. US gold futures rose 0.3% to $1,282.50 an ounce. Anemic US consumption data on Friday helped gold, while the dollar remained under pressure in thin trading in Asia, said Jeffrey Halley, senior market analyst at OANDA. Last week, gold posted its second consecutive weekly gain and closed above its 200-day moving average, a key technical indicator. “Certain speculators moved earlier in the month from gold to bitcoin. With the heavy fall in bitcoin before Christmas holidays, people moved back to gold,” said Amit Gupta, portfolio management services head at Adroit Financial Services. Spot palladium on Tuesday rose 0.8% to $1,044.50 an ounce, a 17-year high. Prices touched their highest level since February 2001 at $1,046.70 as strong demand from autocatalyst makers reinforced the prospect of market shortages.


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