Gold rose more than 1 percent on Wednesday as the dollar fell on lower expectations for a US rate hike after weaker economic data, while platinum and palladium climbed to their highest in over a year. Spot gold had risen 1.1 percent to $1,354.44 an ounce by 0653 GMT, after gaining 0.4 percent in the previous session. US gold was up 1 percent at $1,360.60 an ounce. Spot palladium surged 7.4 percent to $746.10 an ounce, the highest since June 2015. Platinum was up 2.4 percent at $1,177.80, after rising to $1,182.20, its loftiest in over 16 months.
"The overall trend is positive in platinum group metals. Mine strikes and trade union problems in South Africa are supporting platinum prices and palladium is going with that," a Hong Kong-based precious metals trader said. Platinum has risen over 32 percent so far this year, closely followed by palladium, which has gone up about 30 percent.
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