SINGAPORE: Gold prices rose in Asian trade on Monday, hovering near a three-month peak, as a shocking miss in US jobs numbers last week cemented expectations that interest rates will remain low for some time, denting the dollar and boosting non-yielding metal’s appeal.
Spot gold was up 0.3% at $1,835.44 per ounce by 0845 GMT, after hitting its highest since Feb. 11 at $1,842.91 on Friday. US gold futures gained 0.3% to $1,836.40.
“We are seeing a carry over this morning from Friday’s non-farm payrolls figures which were surprisingly disappointing. Clearly both the US dollar and yields remain on the back foot, supporting gold,” said independent analyst Ross Norman.
“After weeks of snail-like progress higher, gold has suddenly accelerated higher, driven by a weaker US dollar and ebbing fears of an early Federal Reserve taper,” OANDA senior market analyst Jeffrey Halley said in note.—Reuters
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