Gold prices retreated as the US dollar stabilized today, Dec. 28, after the precious metal hit a six-month high during settlement of the preceding session amid hopes for a robust recovery in China’s economy.
Gold futures for February delivery shed 0.60% to $1,812.1 an ounce at 11:30 am Makkah time. Spot prices also fell 0.48% to $1,804.93 per ounce, falling from the $1,832.99 recorded on Dec. 27 — the highest level since June 27.
Likewise, silver futures for March delivery plunged by 0.48% to $24.10 an ounce, in tandem with a 0.13% drop in the spot price of platinum to reach $1,022.46 per ounce.
The spot price of palladium, on the other hand, advanced 0.21% to $1,832.93 an ounce.
The US dollar index, which gauges the greenback's strength against a basket of six currencies, kept flat at 104.22 points.
On Dec. 27, holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust (GLD), reached 918.51 tons, adding 0.6%.
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