Gold Climbs To Nine-Year High On Weaker Dollar, Stimulus Bets

Gold rose to its highest since September 2011 on Wednesday, propelled by a softer U.S. dollar and expectation of more stimulus measures to resuscitate pandemic-hit economies which could stoke inflation.

  • Spot gold was up 0.1% at $1,843.09 per ounce by 02:34am, after hitting its highest in nearly nine years at $1,847.30 in early Asian trade. U.S. gold futures rose 0.1% to $1,845.90.
  • The dollar index held near a more than four-month low, making gold less expensive for holders of other currencies.
  • SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.7% to 1,219.75 tonnes on Tuesday.
  • Silver jumped 5.4% to $22.48 per ounce, palladium climbed 0.4% to $2,166.62 and platinum rose 0.1% to $882.74

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