Spot gold climbs to US$1,427

Business | 18 Jul 2019 11:28 am

Precious metals were in demand. Gold prices climbed by more than 1 percent yesterday as weaker-than-expected U.S. data reinforced expectations for an interest rate cut by the U.S. Federal Reserve later this month, dragging the dollar lower.

Spot gold was 1.2 percent higher to finish at US$1,426.60 per ounce. It last stood US$1,427.22 per ounce.

Silver soared by about 2.5 percent yesterday to hit a more than four-month high of US$15.96, extending gains for a fourth straight session. The metal was last quoted at US$16.06.

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