Gold rose as the drop to this year’s low lured Chinese buyers returning from a weeklong break, while investors awaited minutes of the Federal Reserve’s last meeting. Platinum extended a rally from a five-year low.
Bullion for immediate delivery climbed as much as 0.5 percent to $1,214.54 an ounce, and traded at $1,213.31 by 10:53 a.m. in Singapore, according to Bloomberg generic pricing. The metal dropped on Oct. 6 to $1,183.24, the lowest since Dec. 31. Platinum advanced for a third day as Russia and South Africa prepared to meet to discuss ways to buoy prices.
Gold is being supported as markets in China opened after being shut from Oct. 1-7, according to Victor Thianpiriya, an analyst at Australia & New Zealand Banking Group Ltd. Demand in India is set to pick up before the Diwali festival on Oct. 23, according to Mark Keenan, head of Asia commodities research at Societe Generale SA. China overtook India as the largest consumer last year.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.