London — Gold prices hit a one-month high on Monday as a weaker dollar and political turmoil in the United States boosted sentiment ahead of the Fed’s monetary policy meeting this week. Spot gold was up 0.1% at $1,255.79 an ounce at 2.01pm GMT, having touched $1,257.18, its highest since June 26. US gold futures were up 0.1% at $1,256.00. Investigations into alleged Russian meddling in the 2016 US presidential election and whether there was collusion with President Donald Trump’s campaign are viewed as obstacles to the administration’s plans to boost economic growth. That is a negative for the dollar because it reinforces the idea of softer growth in the United States and undermines the case for a further rise in US interest rates. "The dollar and the decision on US interest rates will be a major driver this week," said SP Angel analyst Sergey Raevskiy, adding that the market was also reacting to US politics. A lower US currency makes dollar-denominated gold cheaper for holders of o...
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