Gold holds below 7-week high as dollar, equities recover

Tuesday, August 25, 2015

Gold holds below 7-week high as dollar, equities recover

Gold hovered below a seven-week high on Tuesday as equity markets and the U.S. dollar rebounded from a brutal selloff in the prior session that was fuelled by fears over the fate of the Chinese economy.

After Monday’s rout, most Asian stocks recovered in tandem with US futures and Chinese shares pared losses. The dollar rose 0.6 per cent versus a basket of currencies after falling the most since 2011.

Spot gold was flat at $1,154.60 an ounce by 0240 GMT. It closed a tad lower on Monday after a five-day rally that lifted it to $1,168.40 on Friday, its loftiest since July 7.

U.S. gold for December delivery was also flat at $1,154 an ounce.

Gold was among the least bruised by Monday’s selloff, dropping half a per cent versus a 6 per cent slide in Brent crude

and a 2 per cent decline in copper.

Spot palladium fell to as much as $555.50 an ounce, its lowest since July 2012, before paring losses to trade at $564.25, down 1.1 per cent.

Platinum gained 0.5 per cent to $993 an ounce and silver rose 0.8 per cent to $14.90.

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