Gold Prices Hit Fresh 3-Month Highs

Investing.com – Gold prices rose to fresh three month highs on Tuesday in the first trading day of 2018, propelled higher by a weaker dollar.

Comex rose 0.21% to $1,312.20 a troy ounce by 03:45 AM ET (08:45 AM GMT), the strongest level since September 26.

Recent weakness in the dollar has supported gold prices by making the dollar-denominated metal cheaper for holders of other currencies.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.36% to 91.66, the weakest level since September 22.

The index ended 2017 down 9.8%, the biggest annual percentage decline since 2003.

The dollar weakened in 2017 as the global economy gained momentum fueling expectations for tighter monetary policy in other countries, which would lessen the divergence between the Federal Reserve and other central banks.

Market watchers were looking ahead to Wednesday’s minutes of the Fed’s December meeting for further hints on the future path of monetary policy.

Investors were also awaiting Friday’s U.S. nonfarm payrolls report for December.

Elsewhere in metals trading, was down 0.26% at $17.10 a troy ounce, added 0.31% to trade at $941.20 a troy ounce and traded up 0.38% to $1,065.00 a troy ounce.

dipped 0.14% to $3.296 a pound.

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