Gold price moves off 2-week low

12/05/2016 04:25 AST

Gold rebounded from two-week lows on Wednesday as the dollar’s rally paused and European shares fell, rekindling investors’ appetites for the precious metal. Spot gold rose 1 percent to $1,277.56 an ounce by 1200 GMT, while US gold for June delivery gained 1.2 percent to $1,279.90 an ounce.

The metal touched a low of $1,257.25 on Tuesday, its weakest since April 28. The dollar slipped 0.3 percent against a basket of major currencies, making dollar-priced assets such as gold cheaper for holders of other currencies.

Gold reached a 15-month high of $1,303.60 last week, before surrendering to the general strength of the dollar. Other precious metals also advanced, with spot silver gaining 2.5 percent to $17.54 an ounce, platinum up 2.1 percent at $1,065.99 and palladium rising 2.6 percent to $604.20.


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