Assets less expensiveGold News

October 17, 2014 11:08
Assets less expensive},{Assets less expensive

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A weak greenback makes dollar-denominated assets less expensive for holders of other currencies.

Dollar weakness supported the precious metals group as the sluggish data stoked worries that the U.S. Federal Reserve could postpone any increase in higher rates.

Pot gold was little changed at $1,237.80 an ounce. The metal is up more than 1.2 percent for the week after reaching a one-month high of $1,249.30 on Wednesday.

Gold has been getting a boost along with other safe-haven assets such as bonds and the Japanese yen on increasing concerns over the global economy.

Platinum and palladium were the biggest precious metal gainers of the day, recovering about 2 percent from sharp overnight losses.

Platinum rose 1.6 percent to $1,257.49 an ounce by 0301 GMT. On Thursday, platinum fell below the price of gold for the first time since April 2013, before paring some losses to close down 1.3 percent.

In a sign of higher investor interest, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.24 percent to 760.94 tonnes on Thursday.

(Aw: Arun kumar)

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Gold  Gold markets  bussiness