US gold futures were up 1.3% at $1,828.10.
“Gold is following China’s decisions to further ease COVID restrictions,” in anticipation of higher demand from the region and despite rising yields, said Bob Haberkorn, senior market strategist at RJO Futures.
Gold has gained nearly $200 after falling to more than two-year lows in late September, as expectations of slower interest rate hikes from the Federal Reserve dampened the dollar’s appeal and lowered the opportunity cost of holding bullion, which pays no interest.
China, the biggest consumer of gold, has relaxed quarantine rules at its borders, which have been largely closed since 2020.
In other metals, spot silver rose 1.1% to $23.98 per ouncewhile platinum held steady at $1,021.75.
Palladium rose 3.3% to $1,822.56 after reaching its highest level in more than a week, US$1,838.2, due to the news about the opening of China.
Source: Ambito
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