News

Gold prices touch two-month high

The prices have been on an upswing in the past week

diamond world news service

Reports say that gold prices remained on their upwards trend from last week, and touched a two-month high on Monday. This movement is being attributed to the weak US data and additional inflows into the world's biggest bullion-backed exchange traded fund, reports add.

Spot gold rose 0.07 percent to $1,376.86 an ounce, after it touched a two-month peak of $1,379.81 earlier. The price rose the highest in five weeks last week, with a 5 percent rise. gain. SPDR Gold Trust, the largest gold-backed exchange-traded fund in the world, noted its holdings to rise 0.26 percent to 915.32 tonnes last week on Friday. Last week, it had posted a 0.4 percent climb in holdings, which was the first time its holdings rose in almost a year, reports add.

Also, hedge funds and money managers increased net long positions in gold and silver, reports add. Last week there was a rise in the dollar against the euro and yen, following a report indicating US consumers to be less optimistic, and thus creating an increase in risk aversion.


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