Commodities

Gold price are on the rise on the weaker dollar

Gold peak

Gold prices were up for four consecutive sessions after hitting a near two-week high in the previous session, which was supported by thy mal performing U.S. dollar.

Spot gold was up by 0.2 percent and was being traded at $1,290.56 per ounce. Prices touched its highest levels since Sept. 27 in the previous session.

The U.S. gold futures for December delivery were nearly unchanged by $1,293 per ounce.

The dollar was unsteady against its peers and slipped further down from a 10-week high which up recently amid speculations that the U.S. tax overhaul plan which was introduced President Donald Trump would stall, with a buoyant euro adding further pressure on the greenback.

God’s resilience above its 200-day moving average at $1,253 per ounce provided some assurance to buyers, although helping it rebound.

The Dollar continues to fall as geopolitical concerns that is centered on North Korea and Spain continue to spark. Volatility in the market tend to encourage investors to find safe haven investments which tends to push Gold prices.

In other metals, Silver was up by 0.66 percent and was being sold at $16.89 per ounce, while platinum was flat at $913.10 per ounce and palladium gained 1.06 percent higher being sold at $929.75

Spectators cut their net long positions in COMEX gold and silver contracts for the third straight week, for the week to Oct. 3

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