Gold up on steady ETF flows, dip in dollar
Lifted by steady flows into exchange-traded funds
LONDON — The price of gold rose on Monday, partly lifted by steady flows into exchange-traded funds (ETFs) and a dip in the dollar after touching seven-month highs. Spot gold was up 0.4% at $1,255 an ounce at 2pm GMT, having fallen nearly 0.6% on Friday to a low of $1,247.01, its weakest level since October 7. US gold futures rose 0.1% to $1,256.20 an ounce. "Supporting the price are moderate but continuous ETF inflows since the beginning of the month. The rise so far this month is more than for all of last month," said Commerzbank analyst Daniel Briesemann in Frankfurt. Holdings of the largest gold-backed ETF, New York’s SPDR Gold Trust, rose 0.40% on Friday from Thursday. Total EFT gold holdings have gained 679,335 ounces so far this month to 57.35-million ounces, according to Reuters data. Also supporting the price was a retreat in the dollar from a seven-month peak touched earlier on Monday. The dollar index was down 0.1% at 97.956 after hitting a high of 98.169. Spot gold, whic...
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