ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Gold rises on weak dollar; palladium dips from 16-year high

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Gold was higher on Thursday as a weaker dollar pushed prices during the session to a three-week high for the second time in successive days, while palladium dipped but stayed close to 16-year peak hit during the session.

Spot gold was up 0.4 percent at $1,286.27 an ounce by 1:42 p.m. EST (1842 GMT), after touching $1,288.13, its highest since Oct. 20.

U.S. gold futures for December delivery settled up $3.80, or 0.3 percent, at $1,287.50 per ounce.

The dollar fell to a six-day low against a basket of currencies <.dxy>, as investors balked at emerging details of the U.S. Senate Republicans` version of a tax cut plan. [USD/]

"Although the dollar`s travails have brought a smile to long-suffering bullish gold traders, it is important to note there seems to be an absence of risk aversion premium in gold`s price and that its fate will be decided by the dollar alone," said Jeffrey Halley, a senior market analyst with OANDA.

U.S. Senate Republicans` version of the tax bill will delay corporate rate cuts by one year, and will not repeal the Affordable Care Act`s individual mandate, Republican Senate Finance Committee member Bill Cassidy said ahead of the plan`s release.

Though gold still drew short-term support from uncertainty over the U.S. tax bill, "the overall trend has shifted into a neutral to negative trend, even though you`ve got pretty solid demand coming out of speculators," said Rob Haworth, senior investment strategist for U.S. Bank Wealth Management.

Data from the World Gold Council showing that gold demand slid in the last quarter to its lowest in eight years as jewellery buying fell and inflows into bullion-backed exchange-traded funds dried up.

Among other metals, palladium was down 0.2 percent at $1,011 an ounce, after hitting $1.026.10, its highest since 2001.

Palladium`s premium over platinum hovered near its highest since 2001. In September, palladium became more valuable than platinum for the first time in 16 years.

"There`s been an unease around the platinum market. The impact and weakening in demand in that sector has subsequently benefited palladium," said ANZ analyst Daniel Hynes.

Platinum is more heavily used in diesel vehicles, which have fallen out of favour since 2015`s Volkswagen emissions-rigging scandal.

Palladium has benefited from the switch to petrol engines and expectations for growth in hybrid gasoline-electric vehicles.

Meanwhile, silver shed 0.2 percent at $16.98 an ounce while platinum gained 0.8 percent at $938.30 an ounce.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Fri, Nov 10, 2017
12:51 am
Reuters
RELATED NEWS
Indian IT services industry's growth pace may slow down in near to mid term: ICRA Indian IT services industry's growth pace may slow down in near to mid term: ICRA
RBI MPC Meeting: Will central bank press pause button on repo rate hike? RBI MPC Meeting: Will central bank press pause button on repo rate hike?
India's economy already 10% more energy efficient than G20 average: IEA India's economy already 10% more energy efficient than G20 average: IEA
GST Council to meet on February 18 GST Council to meet on February 18
No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says

LATEST NEWS

Adani Enterprises shares nosedive 9%, five other group stocks locked in lower circuit

Rose Day 2023: Celebrate first day of Valentine's week with special wishes, messages, quotes and Whatsapp status

PM Modi to inaugurate India Energy Week in Bengaluru today

Paytm shares surge after Q3 loss nearly halves — here's what else is keeping Street excited

AP Police Constable Results 2023 declared: Check cut-off marks on slprb.ap.gov.in and steps to download scorecard from direct link

Turkey, Syria Earthquake: Powerful quake kills more than 1,300 people

Moto E13 set for February 8 launch: Check teased specifications

Balloon bickering over Biden's actions, China's intentions

Q3 Results 2023: Tata Steel reports Rs 2,502 crore net loss; SJVN net up 22%, P&G profit dips

Tata Power share price gains 2% as Street cheer over two-fold jump in Q3 net profit

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV