The dollar hit a more than five-month low early in the session but has since pared some of those losses. A weaker greenback makes gold cheaper for foreign buyers.
“China’s easing of the COVID stance is allowing gold prices to sustain recent gains,” Exinity’s Han Tan said, adding that positive reinforcements are allowing bullion to stay just short of the psychological mark. of the u$s1.1800.
China, traditionally the world’s biggest bullion consumer, could announce 10 new COVID-19 easing measures as early as Wednesday, two sources with knowledge of the matter told Reuters.
This also means demand for gold will increase in the region, further supporting prices, said Matt Simpson, a senior market analyst at StoneX.
In other precious metals, the silver spot falls 2.9% to $22.57 per ounce; the platinum rises 1.3%, to u$s1,012.80; and the palladium rises 0.2%, to $1,905.00.
Source: Ambito
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