Gold up 2pc
LONDON: Gold rose two per cent to above $1,200 an ounce on Wednesday, heading for a second session of gains as the dollar hit a near three-month low after disappointing US employment data.
US retail sales were also unchanged in April as households cut back on purchases of automobiles and other big-ticket items, suggesting the economy was struggling to make a strong rebound after barely growing in the first quarter.
Spot gold hit a five-week high of $1,218 an ounce after the US data and was trading up 1.9pc at $1,217.60 an ounce by 1432 GMT.
The metal added to Tuesday’s one per cent gains, when it benefited from the softer dollar and volatility in global bond markets.
Silver climbed 3.3pc to a five-week high of $17.10 an ounce. Platinum rose 0.9pc to $1,140.62 an ounce, while palladium was up 0.3pc at $784.72 an ounce.
Published in Dawn, May 14th, 2015
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