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Gold ticks up in light trade after holiday weekend, Retail News, ET Retail

Gold ticks up in light trade after holiday weekend

NEW DELHI: Gold prices edged up in early Asian hours on Tuesday, helped by a softer dollar, although trading was thin after the long Christmas weekend.

Spot gold was up 0.3% to $1,802.63 per ounce as of 0021 GMT. US gold futures rose 0.3% to $1,810.00.

The dollar index slipped 0.1%, making bullion less expensive for overseas buyers.

Data on Friday showed US consumer spending rose 0.1% in November after climbing 0.4% in October, while inflation cooled further.

The European Central Bank must be prepared to take the heat and raise interest rates further, ECB policymaker Isabel Schnabel said in an interview published on Saturday.

In Japan, physical gold buyers took advantage of a dip in domestic prices last week following a surprise policy tweak by the central bank, while demand outlook in top consumer China was overshadowed by a flare-up in Covid-19 infections.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.1% to 913.01 tonnes on Friday.

Spot silver gained 0.7% to $23.88, platinum was up 0.5% to $1,027.00 and palladium rose 0.6% to $1,774.00.

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