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Gold prices edged higher yesterday as the dollar hovered near a six-month low hit on New Year’s Eve amid bets that US economic out-performance could be coming to an end.
Spot gold rose 0,2 percent to $1 520,38 per ounce by 0713 GMT, after having touched their highest since September 25 at $1 525,20 on Tuesday. Bullion ended 2019 with its biggest annual gain since 2010.
US gold future were unchanged at $1 523,20.
“Dollar weakness is the main reason, also the volumes are on the lower side so gold prices are supported,” said Hareesh V, head of commodity research at Geojit Financial Services.
The dollar started the New Year under pressure as investors wagered US economic out-performance could be coming to an end as optimism on trade brightens the outlook for growth globally. — Reuters.
Online Reporter