SINGAPORE: Gold prices climbed 1% in Asian trade to surpass the $2,000-mark on Tuesday, as the dollar weakened to a more than two-year low, with traders also focusing on minutes from the US Federal Reserve's last policy meeting set to release this week.
Spot gold rose 0.7% to $1,999.26 per ounce by 0717 GMT, having earlier hit a one-week high of $2,007.19.
US gold futures were up 0.5% at $2,007.60.
"The fragile currency environment and the weak economic numbers in the United States are stealing the dollar's safe-haven appeal," said Vandana Bharti, assistant vice-president of commodity research at SMC Comtrade.
Safe-haven buying in gold should continue given the amount of stimulus measures and an increase in novel coronavirus cases, she added.
On Monday, gold jumped as much as 2.4%, with further impetus from Warren Buffett's Berkshire Hathaway buying a stake in major gold miner Barrick Gold Corp.
Meanwhile, eyes are also on the minutes from the Fed's last meeting due on Wednesday.
"Traders are getting the last kick at the can ahead of the FOMC minutes where the view is for the Fed to have talked about YCC (yields curve control) or inflation-targeting which is bad for the dollar and good for gold," said Stephen Innes, chief market strategist at financial services firm AxiCorp.
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