Gold prices were seen trading near a one-month high on Thursday amid concerns over the global economic slowdown.
Gold futures traded 0.37% lower to $1,240.30 per ounce, hanging slightly below the $1,249.30 level in the previous session and highest since September 11. Silver futures fell 0.03% lower to trade at $17.46 per ounce.
Assets in the world’s biggest gold-backed exchange-traded fund, SPDR Gold Trust fell to 759.14 tonnes on Wednesday.
The US dollar index, which measures the strength of the greenback against a basket of six major peers, dropped 0.24% to 84.9430.
Meanwhile, the latest minutes released from the US Federal Reserve (Fed) showed that Fed policymakers are raising concerns over the global economy slowdown and the weakened greenback, which has spurred speculation the Fed may postpone raising interest rates.
Free Reports:
A report released from the US Commerce Department on Wednesday showed that retail sales in the world’s largest economy declined 0.3% in September on a monthly basis.
India’s gold imported climbed by more than 400% in September on speculations that the lower prices of the yellow metal would increase demand during the festive season.
India is the largest user of the commodity, followed by China and its purchases nearly 25% of the global demand in 2013. The October-to-April period also known as the festival and wedding session in India is the most active period for buying the precious metal.
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