The gold price rose in afternoon London trade as the dollar moved off three month highs and commodity markets stabilised following the previous session’s rout.
Spot gold was last up $9.10 on the Monday’s close at $1,105.80/1,106.50 per ounce, having earlier hit heights of $1,110.
The dollar lost some of its bite when the US opened – the greenback was last down 0.83 percent at 1.0918 against the euro – allowing gold to make its marginal gains.
Gains have also been attributed to a post-crash consolidation phase, following the battering that the precious metals complex took in the previous session.
Gold hit its lowest in five years, silver and platinum in six years and palladium at three years.
Today, the other metals are faring somewhat better; silver was last up around 1.2 percent at $14.81/14.86 per ounce, up 17 cents on Monday’s close. Platinum was last up $6 at $976/981 while palladium has gained nearly three percent at $620/626, up $16.
(Editing by Tom Jennemann)
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