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Gold slightly up in light trade after the holiday weekend, Retail News, Retail ET


Gold rises in light trade after the weekend break

NEW DELHI: gold price rose in early Asian hours on Tuesday, supported by a softer dollar, albeit with little trading after the extended Christmas break.

spot gold rose 0.3% to $1,802.63 an ounce by 0021 GMT. WE golden future up 0.3% to $1,810.00.

The dollar index fell 0.1%, making bullion cheaper for overseas buyers.

Data on Friday showed U.S. consumer spending rose 0.1% in November after rising 0.4% in October, while inflation continued to cool.

ECB policymaker Isabel Schnabel said in an interview published on Saturday that the European Central Bank must be prepared to deal with the heat and raise interest rates further.

In Japan, physical gold buyers took advantage of last week’s drop in domestic gold prices following an unexpected policy adjustment by the central bank, while the outlook for demand in the consumer country China’s head is overshadowed by an outbreak of Covid-19 cases.

SPDR Gold Trust, the world’s largest gold exchange-traded fund, said its gold holdings fell 0.1% to 913.01 tonnes on Friday.

Spot silver was up 0.7 percent to $23.88, platinum was up 0.5 percent to $1,027.00 and palladium was up 0.6 percent to $1,774.00.

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