London — Gold prices hit the highest in more than four months on Wednesday after a US official welcomed a weaker dollar and investors sought insurance against uncertainty. The dollar index touched fresh three-year lows after US treasury secretary Steven Mnuchin said a softer dollar was good for the US. A decline in the dollar makes commodities priced in the greenback cheaper for buyers using other currencies. Spot gold was up 0.7% at $1,350.43 an ounce at 10.42am GMT, while US gold futures for February delivery climbed 1% to $1,349.80 an ounce. "It’s the weaker dollar, it’s the inflation focus and it’s also, to some extent, the market continuing to look for a hedge against a world that’s becoming incredibly complacent with stocks at record highs," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "We’re homing in on the 2017 high around $1,357, which is going to be the next big level." US President Donald Trump is due to speak at the World Economic Forum in Dav...
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