<a href=”http://www.commoditytips.com/”><img src=”http://www.moneycontrol.com/news_image_files/2016/356×200/b/Budget2016_India_GDP_Growth_inflation_rise_economy_gold_jwellery_356x200_3741_356.jpg” alt=”commodity tips” /></a>Gold rose to a three-week high on Tuesday as European and US shares fell and the dollar hit its lowest in over a month after last week’s soft US growth data dented expectations for a near-term interest rate hike. Platinum group metals continued to shine, with platinum reaching its highest since April 2015 and palladium hitting a 14-month peak. Spot gold was up 0.9 percent at USD 1,365.09 an ounce by 2:44 p.m. EDT (1844 GMT), after rising to USD 1,367.33, the highest since July 11. US gold futures for December delivery settled up 1 percent at USD 1,372.60. “People are concerned about interest rates in the US not being hiked, about equities overheating – those concerns are getting stronger every day,” ING analyst Hamza Khan said. “There’s a lot of upward momentum here.” Gold is highly sensitive to US interest rates, which lift the opportunity cost of holding non-yielding bullion. Equities on Wall Street were weak while European stocks fell to two-week lows, dragged down by banks, while the euro rose above USD 1.12 for the first time in more than a month. Dallas Federal Reserve Bank President Robert Kaplan joined other Fed policymakers by urging renewed caution in trying to lift rates again. “We had that poor US second-quarter GDP number which came out on Friday, and that seems to have given gold a bit of a leg-up,” Societe Generale analyst Robin Bhar. “That basically pushes back the likelihood of the next Fed rate increase, possibly now into 2017.” Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Shares saw its biggest one-day inflow since late June, on Monday, while inflows of the six silver ETFs followed by Reuters rose to a record high.
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