Bengaluru — Gold prices rose to their highest level in one month on Thursday in light holiday trade and as the dollar fell to a four-week low.Spot gold was up 0.2% at $1,289.10 an ounce at 3.22am GMT, after earlier reaching its best since November 29 at $1,289.92.US gold futures were up 0.1% at $1,292.20 an ounce.The yellow metal has risen for a ninth straight day and is on track to register gains of over 1% this month and about 12% this year."It’s the thin market and the dollar moving down that’s pushing up gold," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong."If the dollar continues to weaken, gold will be looking for $1,300 again."There could be some additional buying heading into resistance at that level, Leung said.The dollar was on the defensive on Thursday, facing headwinds from a dip in US 10-year bond yields, while commodity-linked currencies were bolstered by this week’s rally in metal and oil prices.Gold prices have risen from a near five-month l...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now