Gold edges up to highest value since September as greenback dives

Gold edges up to highest value since September as greenback dives

On Wednesday, gold rallied to its strongest value for more than four months, underpinned by a weaker greenback languishing at three-year minimums.

Dollar weakness normally benefits the most popular precious metal because it boosts its appeal as an alternative asset and also makes greenback-priced commodities less expensive for holders of other currencies.

Gold futures tacked on to a session maximum of $1,346.80 a troy ounce, a value not observed since September 8.

Meanwhile, silver futures headed north 1.3% reaching $17.13 a troy ounce.

Market participants are looking ahead to the ECB’s gathering on Thursday for further clues on when the major financial institution is planning to cease its huge economic stimulus program.

As for other metals, palladium gained 0.8% trading at $1,092.40 an ounce, while platinum added 0.5% being worth $1,012.50 an ounce.

March delivery copper futures surged 0.9% hitting $3.139 a pound.

 

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