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- Gold climbed on short-covering
Gold climbed on short-covering
Gold climbed to $1,071.50 (+0.58%) on short covering and as the dollar retreated from an eight-month high against a basket of major currencies. Investors have been preparing for a Federal Reserve's looming rate hike by selling gold.
Market participants are waiting for the U.S. jobs report due on Friday to assess probability of a rate hike when the Federal Reserve's Federal Open Market Committee meets on December 15-16. Higher rates would be harmful for the non-interest-paying bullion.
Meanwhile physical demand in top consumer China was strong. Premiums on the Shanghai Gold Exchange were at a healthy $5-$6 an ounce.
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