MW : Gold tops $960 to erase week's losses as dollar weakens
The dollar fell against the euro to the lowest level since Aug. 7, raising gold's appeal as an investment alternative. Higher oil prices boosting the overall trading sentiment in commodities.
On the Comex division of the New York Mercantile Exchange, December gold futures rose $12.90, or 1.4%, to $960.20 an ounce. It climbed to $964.60 earlier.
At current levels, the benchmark contract is set to end the week up slightly.
Gold's gain is "triggered by a softer U.S. dollar and a higher oil price," said analysts led by Barbara Lambrecht at Commerzbank in a note.
In currencies trading, the euro gained 0.1% against the dollar to $1.4362, after rising as high as $1.4375. The dollar index (DXY 78.08, +0.07, +0.09%) stayed slightly lower.
Holdings in SPDR Gold Trust (GLD 94.04, +0.85, +0.91%) , the biggest gold exchange-traded fund, stood at 1,061.83 metric tons on Thursday, unchanged for a third session, according to latest data from the fund.
As for other metals, September copper gained by 10.35 cents, or 3.6%, to stand at $2.9515 a pound.
September silver also rallied, moving up 49.5 cents, or 3.5%, to $14.715 an ounce.
Holdings in iShares Silver Trust (SLV 14.53, +0.45, +3.20%) , the biggest silver ETF, dropped 82.3 metric tons Thursday to stand at 8742.07 metric tons, in the biggest decline since March 5.
October platinum gained $7.40, or 0.6%, to $1,247.90 an ounce, and October palladium rose $2.65, or 0.9%, to $288.20 an ounce.
In economic news, data showed U.S. personal incomes unchanged in July as consumer spending increased 0.2%, led by higher outlays for autos and other durable goods. See Economic Report
