Gold prices were seen trading higher on Tuesday, trading near its highest in five weeks as the greenback weakened amid concerns over the global economic slowdown.
Gold for immediate delivery traded 0.4% higher to $1,251.63 an ounce, according to Bloomberg generic pricing, while gold futures for December delivery rose 0.6% to $1,251.60 on the Comex in New York. Silver futures fell 0.69% to $17.475 per ounce. Platinum rose 0.5% to $1,274.87 an ounce, while Palladium gained 0.3% to $765.60 an ounce.
The US dollar index, which measures the strength of the greenback against a basket of six major peers, feel for a second day, falling 0.07% lower 84.8910.
Analysts are expecting the US Federal Reserve may delay raising its interest rate and may also setback ending its quantitative-easing program at its next meeting.
“The prospect for a weaker U.S. dollar near-term may provide support for bullion,” James Steel, an analyst at HSBC Securities, wrote in a report. “A more dovish Fed view would be interpreted as gold friendly.”
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China GDP
The world’s second largest economy released a report which showed that China’s gross domestic product figure for the third quarter expanded at the weakest pace in five years. The nation’s GDP expanded 7.3% year-on-year, compared to a forecast of a 7.2% growth.
A report from the Swiss Federal Customs Administration showed that gold exports from Switzerland came in at 172.6 tons of gold in September, the most in seven months.
Assets in the world’s biggest gold-backed exchange-traded fund, SPDR Gold Trust, fell 1.18% to 751.97 tons on Monday, the most in a year.
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