Gold
prices jumped Tuesday as the dollar eased against major currencies amid
economic and political news, and as equities continued to get stuck in a
tight trading range.
Gold
for December delivery gained $13.60, or 1.2%, to settle at $1,197.10 an
ounce. December silver tacked on 12 cents, or 0.7%, to $16.17 an ounce.
The
dollars fall against major currencies resulted in gold prices moving
higher. The dollar underpins gold contract trading. The U.S. currency
fell against the yen after Japanese Prime Minister Shinzo Abe said
Tuesday the government will delay, by 18 months, a planned increase in
sales tax. He will dissolve the lower house of parliament on Nov. Friday
and has called for a snap election to be held in December.
Meanwhile,
the dollar fell against the euro after a measure of German economic
confidence improved for the first time in nearly a year, sharply beating
expectations.
In
other metals action, January platinum added $3.30 to $1,204.60 an
ounce, while December palladium shed $8, or 1%, to $776.70 an ounce.
High-grade copper for December delivery lost four cents to $3 a pound.
Source: Markewatch
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