Abu dhabi: Gold prices rose more than 1 percent on Tuesday. Spot gold rose 1.2 percent to $4,054.24 per ounce as of 0529 GMT, while the US gold futures for August delivery were up 1.1 percent at $4,059.10.
According to Emirates News Agency, the gains in the precious metals market were mirrored by other metals, with spot silver gaining 2.8 percent to $57.99 per ounce, platinum rising 1 percent to $1,610.06, and palladium increasing by 1.2 percent to $1,267.68. The upward trend in gold and other metals occurred as the US dollar hovered near a one-week high.
The foreign exchange market saw the US dollar largely flat against the yen at 162.49 yen. The euro remained stable at $1.1417, while the British pound was roughly 0.1 percent firmer. The US dollar index, which measures the currency against a basket of six peers, remained steady at 100.93, after reaching its highest level since July 15 in the previous session.
The New Zealand dollar strengthened by 0.4 percent, reaching $0.5864, its highest level since early June, while the Australian dollar saw a slight increase to $0.7001. Meanwhile, the Canadian dollar steadied after experiencing a drop to a one-month low.