Investing.com – Gold prices started the week off on the right foot, heading further away from seven-month lows seen last week, as easing worries over inflationary pressure supported the precious metal.
At 11:09AM ET (15:09GMT), for August delivery on the Comex division of the New York Mercantile Exchange gained $6.60, or 0.5%, to $1,262.40 a troy ounce.
Last Friday’s jobs report showed increasing less than forecast, easing the pressure on the Federal Reserve to take a more aggressive path on policy tightening. Higher interest rates tend to weigh on demand for gold, which doesn’t bear interest, in favor of yield-bearing investments.
In a session with no major economic reports, investors looked ahead to inflation data later in the week with the to be released on Wednesday, followed by the a day later.
Recent dollar weakness has also been supporting gold prices as the dollar-denominated commodity becomes more affordable to holders of foreign currencies. The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, hit nearly a one-month low of 93.44 overnight.
In other metals trading, rose 0.6% at $16.165 a troy ounce by 11:11AM ET (15:11GMT).
gained 1.01% to $958.40 an ounce, while sister metal traded up 0.7% at $854.90.
In base metals, advanced 1.2% to $2.857 a pound.
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Source: Investing.com
