Gold
prices hit a four-month peak on Monday as the US dollar index collapse to its base
in three years but analysts said the greenback’s slide could be short-lived as
it was not driven by fundamentals.
Spot gold
was up 0.2% at $1,341.92 an ounce by 1238 GMT after touching its secure since 8
September at $1,344.44. The cherished metal rose for a fifth straight week last
week, gaining 1.4%.
“The
dollar instability has calmed down a bit, causing gold to stabilizer in the
recent hour,” ABN AMRO commodity strategist Georgette beller said.
The
dollar index was down 0.5% at 90.516, having arrive its sluggish since January
2015 at 90.279 in early trade. A weaker US currency makes dollar-designate
assets such as gold cheaper for holders of other currencies, while higher rates
could dent demand for non-interest-paying gold
Read More:- Gold & Dollar bullion updates
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