Tue. Jan 31st, 2023

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Oil soars as dollar weakens

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Gold prices rose on Tuesday as the dollar eased, while investors kept a close watch on a U.S. Senate vote on increased pandemic aid checks to individuals.

Spot gold rose 0.5% to $1,880.06 per ounce by 0108 GMT, after closing slightly lower in the last session. On Monday, the metal had climbed as much 1.3% after the passage of a near $900 billion U.S. stimulus package.

U.S. gold futures were up 0.1% to $1,882.20.

Against a basket of currencies, the dollar dipped, raising gold’s appeal to other currency holders.

Gold, seen as a hedge against inflation, has gained more than 24% this year, largely driven by a raft of stimulus measures unleashed to mitigate the impact of the pandemic.

Hedge funds and money managers raised bullish positions in COMEX gold and silver contracts in the week to Dec. 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday.

Holdings in SPDR’s Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.2% to 1,169.86 tonnes on Monday from 1,167.53 tonnes on Thursday.

China’s net gold imports via Hong Kong rebounded about 82% in November after a plunge in October, Hong Kong Census and Statistics Department data showed on Monday.

Silver rose 1.3% to $26.50 an ounce. Platinum climbed 0.7% to $1,038.46 and palladium gained 0.8% to $2,342.79.

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