Gold hits 2-month peak on dollar retreat

Gold hits 2-month peak on dollar retreat

Spot gold rose 0.1% to $1,817.65 per ounce by 0127 GMT, having hit its highest since Sept. 7 earlier in the session.







Reuters









November 08, 2021 / 07:46 AM IST





Representative Image



Gold prices extended a rally to hit a two-month high on Monday as a retreating dollar bolstered the precious metal’s appeal.

FUNDAMENTALS

* Spot gold rose 0.1% to $1,817.65 per ounce by 0127 GMT, having hit its highest since Sept. 7 earlier in the session.

* U.S. gold futures rose 0.3% to $1,822.30.

* The precious metal rose as much as 1.5% on Friday despite a better-than-expected U.S. payrolls report that suggested economic activity was regaining momentum early in the fourth quarter.

* Kansas City Fed President Esther George said on Friday ”there’s no question” the U.S. labour market is tight, adding that she would be looking carefully at how wage pressures and inflation expectations unfold as she tries to gauge how close the economy is to the Fed’s goal of full employment.

* The dollar index was steady on Monday, but retreated 0.4% from a more than one-year peak hit on Friday, lifting bullion’s appeal by decreasing its cost to buyers holding