Investing.com – Gold hit a three-month high and notched a fourth-straight weekly gain on Friday for its best winning streak since last Christmas into January, as a global rout in equities helped the yellow metal retain its steady and slow climb.
Both spot and futures prices of bullion were also on track to their best monthly gains since January, despite a sharp rally in the dollar this month amid the specter of higher U.S. interest rates. Investors typically view gold as a contrarian bet to the dollar.
U.S. gold futures for December settled at $1,235.80 a troy ounce, up 0.3% on the day and nearly 1% on the week, data from the COMEX division of the New York Mercantile Exchange showed.
The session peak, according to Investing.com data, was $1,246, which would mark a high since July 8.
The month-to-date gain was about 4%, the highest since January.
Friday’s gains in gold were helped by weakness on Wall Street and global equity markets, which were in for their longest losing streak in five years. A softer dollar also lured investors towards bullion.
While the dollar Index, which measures the greenback against a basket of six currencies, was down 0.4% on the day, it was up nearly 1.5% month to date, more than the advance in gold. That made bullion’s rally in October even more remarkable, say long-time watchers of the inverse relationship between the two.