Gold hits highest in four months as dollar index slumps to three-year lows
Bengaluru — Gold prices on Monday hit their highest since September, buoyed by a weaker US dollar, which slumped to three-year lows against a basket of currencies. Spot gold was up 0.2% at $1,340.72 an ounce by 3.02am GMT, after touching its strongest since September 8 at $1,342.06 Spot gold rose for a fifth straight week last week, gaining 1.4%. US gold futures were up 0.4% at $1,340.80 an ounce. "While the weaker dollar remained gold’s primary driver, investors are keeping an eye on the simmering geopolitical hot spot in the Middle East," Apac head of trading at Oanda Stephen Innes said. "Iran remains among the most poignant of geopolitical risks this year following President Trump’s decision not to ratify Iran’s compliance on the nuclear deal … Gold investors are likely underpositioned for a significant escalation which could lead to considerable price increase." Iran’s president said on Sunday that the US had failed to undermine a nuclear deal between Tehran and major powers, an...
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