Gold Prices Remain Supported at 4-Month Peak

Investing.com – Gold prices remained supported at four-month highs on Monday, as demand for the U.S. dollar continued to broadly weaken.

There will be no floor trading on the Comex on Monday because of the Martin Luther King Day holiday in the U.S. All electronic transactions will be booked with Tuesday’s trades for settlement.

Comex were up 0.59% at $1,342.90 a troy ounce by 08:20 a.m. ET (12:20GMT), the highest since September.

The dollar shrugged off data on Friday showing that underlying U.S. consumer prices recorded in December, adding to expectations that inflation will accelerate this year.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.50% at a three-year low of 90.17.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

Elsewhere on the Comex, jumped 1.28% to $17.36 a troy ounce.

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