Gold rose more than 1 percent today, Thursday, boosted by the decline in the dollar and US bond yields, while gloomy US job data casts a shadow over expectations for an economic recovery, boosting the metal’s appeal as a safe haven..
By 1739 GMT, the spot price of gold was up 1.2 percent to $ 1727.86 an ounce. Most of the markets will be closed for Good Friday tomorrow.
“This is an upward correction in the market with a regressive structure,” said Philip Streibel, chief market strategist at Blue Line Futures in Chicago, adding that gold may rise to $ 1740 until returns resume rising and the metal returns to its decline..
The dollar index retreated from its five-month peak recorded on Wednesday, which reduces the cost of gold for holders of other currencies. Record US Treasury yields also fell.
In other precious metals, silver rose 2.1 percent to $ 24.89 an ounce, while platinum rose 1.8 percent to $ 1,208.42, and palladium rose 1.3 percent to $ 2,651.79 an ounce..
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