Bengaluru — Gold prices rose on Monday as investors covered their short positions and the dollar slipped to its weakest since mid-June, while lingering US-China trade tension supported the bullion as well. Spot gold was 0.4% higher at $1,258.61/oz, as of 3.51am GMT, while US gold futures for August delivery were up 0.3% at $1,259.90/oz. Gold is pushing higher on the dollar’s weakness in early Asian trading, MKS PAMP Group trader Tim Brown wrote in a note. The dollar index, which measures the greenback against a basket of six major currencies, slipped to a three-and-a-half-week low after US jobs data showed slower than expected wage growth. The US economy created more jobs than expected in June, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases this year. A weak US dollar makes greenback-denominated gold cheaper for holders of other currencies. "Some short-covering has likely ensued given ce...
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