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HomeCommodity NewsGold Prices Edge Up on Softer U.S. Dollar

Gold Prices Edge Up on Softer U.S. Dollar – Gold prices edged up on Monday in Asia as the U.S. dollar fell.

Gold futures for February delivery on the Comex division of the New York Mercantile Exchange traded 0.2% higher at $1,254.75 a troy ounce by 1:24 AM ET (05:24 GMT).

The U.S. dollar index that tracks the greenback against a basket of other currencies was down 0.7% at 95.845.

A weaker dollar generally boosts commodities priced in the greenback as it makes it cheaper to users of other currencies. Lower bond yields can also be positive for commodities, which don’t offer a yield.

Gold prices were near at their highest level since July on Friday and notched up the largest weekly gain since August as the market turmoil bolstered safe-haven demand for the precious metal.

Wall Street ended its worst week since March on Friday amid a selloff triggered by concerns over a slowing economy. Asian markets also fell as tension between China and the U.S. rose following reports that China technology giant Huawei’s CFO Meng Wanzhou was arrested in Canada last week and she now faces extradition to the United States.

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