Gold price recovers after China returns, US data disappoints

The gold price continued to rise on Monday, October 10 in morning trading, finding support from Chinese buying and disappointing US data.

In currencies, the US dollar index was last at 96.69, up 0.2 percent on the pre-weekend close. The index had dropped on Friday afternoon after US non-farm payrolls undershot expectations – 156,000 new jobs were added in September, below the forecast of 171,000.

Spot gold was recently quoted at $1,263/1,263.40 per oz, up $5.50 on Friday’s close – it had fallen to a four-month low last week of $1,240.

Meanwhile, gold ETFs continued to make gains in September. Total holdings in physically backed gold exchange-traded funds stood at 2,335.6 tonnes, a 38.1-tonne month-on-month increase. In value terms, total holdings were worth $99.3 billion, 3% higher than at the end of August, the World Gold Council said.  

Total holdings in Asian gold ETFs slipped 1% to 70.4 tonnes compared to the end of August.

The silver price at $17.660/17.680 per oz was up on the previous close of $17.525. Platinum at $970/974 per oz was $11 higher and palladium increased $12 to $669/677.

(Editing by Mark Shaw)

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