Gold futures rose as the dollar’s decline boosted demand for the metal as an alternative investment. Platinum climbed on South African supply concerns amid labor turmoil.
The greenback snapped the longest rally since May against a basket of 10 currencies. Sales of American Eagle gold coins by the U.S. Mint this year surpassed the total for all of 2012, data on the mint’s website showed on Nov. 1.
Gold futures for December delivery rose 0.4 percent to $1,318.50 at 10:48 a.m. on the Comex in New York. On Nov. 1, the price touched $1,305.60, the lowest for a most-active contract since Oct. 17.
Through Nov. 1, gold tumbled 22 percent this year, heading for the first annual drop since 2000. Some investors lost faith in the metal amid a rally in U.S. equities and low inflation.
Silver futures for December delivery fell 0.1 percent to $21.825 an ounce on the Comex. Earlier, the price touched $21.61, the lowest since Oct. 17.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.