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Business / World Business

Gold rises, ends longest losing streak since 2016

Published: 06 Oct 2023 - 10:01 am | Last Updated: 06 Oct 2023 - 10:01 am

QNA

Singapore: Gold edged higher yesterday, set to end its eight-session-long losing streak, last seen around the same time in 2016 as US bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week.

Spot gold rose 0.3% to $1,826.49 per ounce by 0314 GMT, attempting a rebound from its weakest levels since March touched on Tuesday.

US gold futures gained 0.3% to $1,840.90.

The US dollar was 0.2% lower, allaying some pressure on non-yielding gold.

The subdued dollar also buoyed other greenback-priced precious metals, with spot silver up 1.1% to $21.19 per ounce, having slipped to its lowest since mid-March this week.

Platinum gained 0.5% to $870.16, rising from its lowest in a year hit in the last session, and palladium firmed 1.2% to $1,181.15, off a 5-year low touched on Wednesday.