(MENAFN- ProactiveInvestors)Gold has its best day for some time after more weak US data hit the dollar and US bond yields sending bears of the metal running for cover. Off-road vehicle giant Caterpillar announced 10000 job cuts durable goods orders fell for the first time in three months and US equity markets plunged again as the VW scandal continued to reverberate. Spot gold was US$25 higher at US$1155 its highest for a month as traders concluded all of this put the prospect of a US rate hike even further over the horizon. US broker Citigroup caught the mood as it upgraded its forecast for the gold price in the final quarter of 2015 to US$1110 per ounce from US$1075. It now expects US interest rates to rise in Spring 2016. Another kicker this year will be consumer demand said the broker as the festival season arrives in Asia. Longer term Citi points also expects the steady reduction in spending by the miners in a low gold-price environment to lead to a reduction in output eventually. In other precious metals platinum added US$15 to US$945 and silver climbed back to US$15.14. Major share moves Randgold Resources up 195p at 3935p Fresnillo up 20p at 621p Anglo American down 32p at 626p
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