Gold rose yesterday as cautious investors moved away from the dollar ahead of US inflation data and minutes from the Federal Reserve’s latest policy meeting, which could provide fresh clues about whether interest rates would rise the following month.
Spot gold gained 0.3 percent to $1,120.91 an ounce, while US December futures rose $3.50 to $1,120.40. Platinum increased 0.3 percent to $993 and silver 0.5 percent to $14.94, while palladium fell 0.7 percent to $592.
Meanwhile, coal futures sank to their lowest level in 12 years as production surged and global buying slowed, including in India and China, which until recently had supported strong demand.
Benchmark coal contracts fell to $52.85 a ton, their lowest level since November 2003. Prices were down more than 75 percent from their all-time high in 2008 and more than 60 percent from their latest peak after Japan’s Fukushima nuclear disaster in 2011.
The decline followed increased production by exporters such as Australia and a sharp slowdown in orders from major importers including the United States, China, and India.