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12/01/2016 05:34 AST
Gold retreated on Monday as the dollar rose versus the euro, but was still around a nine-week high as pressure on Asian stock markets continued to support investors’ flight to safety.
Spot gold was down 0.1 percent at $1,103.06 an ounce by 1301 GMT, while US gold futures gained 0.5 percent to $1,103.60.
“Gold should be a lot higher, you’ve got all the China concerns, the Middle East tensions ... clearly there is a lot of overhead selling, which is capping the price,” Societe Generale analyst Robin Bhar said.
Gold climbed to its highest since early November on Friday, adding more than 4 percent to its value this year.
Gold slid 10 percent last year on fears higher US rates would lower demand for the non-interest-paying asset, while boosting the dollar.
Arab News
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
(In US Dollar) | Change | Change(%) | |
---|---|---|---|
Gold | 1,332.2 | -8.6 | -0.64 |
Silver | 16.4 | -0.21 | -1.23 |
Platinum | 923 | -9 | -0.97 |
Palladium | 929 | -3 | -0.32 |
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