Gold Prices were seen climbing on Tuesday, rising to the highest in two weeks, boosted by the weaker greenback and speculation the European Central Bank (ECB) may purchase assets to tackle low inflation.
Gold for immediate delivery climbed 0.9% to $1,197.52 an ounce, according to Bloomberg generic pricing. The yellow metal for December delivery rose 1.1% to $1,196.80 on the Comex in New York. Silver for immediate delivery rallied 1.2% to $16.3346 an ounce, while Palladium gained 0.4% to $773.25 an ounce and platinum rose 0.5% to $1,207.38 an ounce.
In China, the Shanghai Gold Exchange’s benchmark bullion spot contract rose to the highest since April 2013.
Meanwhile, in India, the second-largest gold consumer may announce a cut in bullion imports, according to a finance ministry official. Last year, India restricted bullion imports to reduce a current account deficit.
The US dollar index, which measures the strength of the greenback against a basket of major currencies, fell 0.41% to 87.5620.
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Traders will be focusing on the release of minutes from the US Federal Reserve’s October meeting, which could hint the fed’s next move on the planned rate hike as the central bank ends its bond buying program.
Holdings in the world’s biggest gold-backed exchange-traded fund, SPDR Gold Trust, rose for the first time since October, climbing to 723.01 tons on Monday.
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