Gold and silver broke the losing streak

Gold closed higher on Tuesday for the first time in seven sessions as a weaker U.S. dollar today helped the precious metal snap its longest losing streak since early July.

Specifically, the gold contract for December delivery climbed $12.80, or 0.7%, to $1,761.20 an ounce, after six straight sessions of losses for the precious metal.

Silver also gained, with the September contract adding 15 cents, or 0.8%, to $19.026 an ounce. Silver’s move up came after six sessions of losses, its longest losing streak since May.

Same-month copper, meanwhile, rose 1.2% to $3.6955 a pound.

Relative to other metals, October platinum gained $8.40, or 1%, to $876.40 an ounce, while September palladium lost $8.90, or nearly 0.5%, to settle at 1,972. $90 per ounce.

Rising bond yields and a strong dollar have dampened the precious metal’s appeal as an alternative investment, fueling pressure on prices. The dollar today however found itself losing ground after the strong gains of the previous days, with the ICE US Dollar index losing 0.5% to 108.53. The yield on the US 10-year, meanwhile, remains above the psychological level of 3%.

Source: Capital

Sophia

I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.