London — Gold prices hit their highest in almost seven weeks on Monday, boosted by a struggling dollar and US economic data that has cast doubt on whether the Federal Reserve will raise rates again this year. Spot gold was down 0.1% at $1,266.99 an ounce at 8.46am GMT from an earlier $1,270.98, its highest since June 14. It is on course for a 2% rise this month. US gold futures fell 0.2% to $1,265.90 an ounce. "Dollar weakness is driving the gold price. It’s not just against the euro, it’s against most major currencies," said Commerzbank analyst Eugen Weinberg. "US politics is a mess and US data has not been inspiring." A US currency near 13-month lows against a basket of currencies makes dollar-denominated gold cheaper for holders of other currencies, which could mean stronger demand. Analysts said decelerating wage growth and subdued inflation have weakened the case for another rate rise this year. The Fed has raised rates twice this year. Hopes that President Donald Trump’s admin...
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