Gold prices rise over 1% globally

Gold prices rose more than 1 per cent in the global market on Thursday (October 15) as a weaker US dollar and falling Treasury yields boosted demand for the precious metal.

Spot gold climbed 1.2 per cent to $4,156.11 per ounce, while US gold futures rose 1.7 per cent to $4,177.80 per ounce.

The US dollar index fell 0.5 per cent, while the yield on 10-year US Treasury bonds dropped to a three-week low, supporting gold prices.

Investors awaited US producer price and retail sales data for clues about the Federal Reserve’s interest rate decisions.

Silver rose 1.8 per cent to $56.66 per ounce, platinum gained 0.3 per cent to $1,611.76 and palladium climbed 2.9 per cent to $1,125.37.