Gold Prices Rebound from 3-Week Lows as Dollar Drops

Investing.com – Gold prices rebounded on Thursday from the almost three week lows reached in the previous session as the dollar weakened broadly.

December were up 1.5% to $1,230.60 by 08:58 AM ET (12:58 GMT) on the Comex division of the New York Mercantile Exchange.

Gold prices settled at $1,212.30 on Wednesday, which was the lowest close since October 11.

The yellow metal ended October with a gain of 1.75%, which was the largest monthly gain since July 2017.

Golds gains came as the dollar weakened broadly against a currency basket. The , which measures the greenback’s strength against a basket of six major currencies, was down 0.66% to 96.26 after gaining 2.9% in October.

A weaker dollar can make dollar denominated assets, like gold, less expensive to potential buyers holding other currencies.

Elsewhere in metals trading, December advanced 2.61% to $14.59 a troy ounce, while January was trading at $857.10, up 1.67% for the day.

Among base metals, December added on 0.66% to trade at $2.684.

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