SINGAPORE: Gold prices jumped more than 1% on Tuesday to a near two-week high, following the steepest fall in dollars in more than two years as investors bet on US interest rates staying lower for longer.
Spot gold was up 0.9% to $1,987.89 per ounce by 0947 GMT, having earlier hit its highest since Aug. 19 at $1,991.91. US gold futures rose 0.9% to $1,996.10.
"The two drivers for gold are the weaker dollar and lower yields and that will keep the metal moving between the range of $1,800 and $2,100 until the US presidential elections in November," said Robin Bhar, an independent analyst.
"However, at the end of every month we might see some corrections as a result of speculators selling their positions."-Reuters
Comments
Comments are closed.