Gold climbed to the highest level in almost seven weeks after data showing the weakest US hiring in more than a year spurred speculation the Federal Reserve will delay raising interest rates. Platinum rose to a one-month high as palladium and silver gained.
Gold increased as much as 1.4 per cent to $1,223.51 an ounce, the highest price since February 17. Silver for immediate delivery climbed 0.9 per cent to $17.21 an ounce. Platinum gained 2.2 per cent to $1,181 an ounce, the highest level since March 6 and Palladium rallied as much as 2.5 per cent to $764.30 an ounce, the highest price since March 27.
Meanwhile, financial markets in China, Australia and Hong Kong are closed today. Fed Chair Janet Yellen last month opened the door to a rate increase as soon as June, while also suggesting in forecasts that September may be more likely. Minutes of the Fed’s March meeting due Wednesday may give more clarity. Higher interest rates cut the allure of precious metals, which generally offer returns only through price gains.