By Sukanya Mitra
Aug 24 (Reuters) - Gold rose to its highest in more than three months on Monday, building on gains from last week as a muted dollar boosted appeal, while investors awaited U.S. inflation data and remarks from Federal Reserve Chairman Kevin Warsh this week for signals on the interest-rate path.
Spot gold was up 0.7% at $4,635.25 per ounce by 0838 GMT, hitting its highest level since May 15, while U.S. gold futures rose 0.2% to $4,691.10.
Bullion rose more than 5% last week after the U.S. Treasury Department's buyback support plan pushed the dollar lower, making greenback-priced bullion more affordable for foreign investors.
"The consolidation of gold prices above $4,600, and the potential for further gains, will depend to a large extent on the U.S. dollar remaining under pressure and Treasury yields stabilizing at current levels or declining further," ActivTrades senior ***** yst Ricardo Evangelista said.
#highest #investors
Aug 24 (Reuters) - Gold rose to its highest in more than three months on Monday, building on gains from last week as a muted dollar boosted appeal, while investors awaited U.S. inflation data and remarks from Federal Reserve Chairman Kevin Warsh this week for signals on the interest-rate path.
Spot gold was up 0.7% at $4,635.25 per ounce by 0838 GMT, hitting its highest level since May 15, while U.S. gold futures rose 0.2% to $4,691.10.
Bullion rose more than 5% last week after the U.S. Treasury Department's buyback support plan pushed the dollar lower, making greenback-priced bullion more affordable for foreign investors.
"The consolidation of gold prices above $4,600, and the potential for further gains, will depend to a large extent on the U.S. dollar remaining under pressure and Treasury yields stabilizing at current levels or declining further," ActivTrades senior ***** yst Ricardo Evangelista said.
#highest #investors
2 months ago
