Gold rallies on lower risk appetite amid worries about Evergrande

Gold rallies on Friday after falling 1% in the previous session, supported by a weakening dollar and re-emerging concerns about the fate of troubled Chinese developer Evergrande.

The spot price for gold rose by 0.26% to $ 1,747.11 per troy ounce.

Gold is receiving support from a weakening dollar, and China’s warning to local authorities about the possible collapse of Evergrande serves as “another reminder that such risk continues to prevail,” said Peter Fertig, an analyst at Quantitative Commodity Research.

But the prospect of rate hikes by several central banks is “a negative factor for gold,” Fertig added.

Palladium fell 1.16% to $ 1,960.76 an ounce, while silver fell 0.21% to $ 22.44 an ounce. Platinum dropped 1.71% to $ 971.97.