MTECHTIPS:-Gold Prices Climb to 4-Month High as Dollar Continues

MTECHTIPS:-Gold Prices Climb to 4-Month High as Dollar Continues Lower

MTECHTIPS- Gold prices started the week on the front-foot on Monday, hitting their highest level since September as the dollar languished at three-year lows against a basket of currencies. Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. Comex gold futures were at $1,343.70 a troy ounce by 3:05 AM ET (0805 GMT), up $8.70, or about 0.7%, from the last session’s closing price. It hit the best level since Sept. 8 at $1,345.00 earlier in the session. There will be no floor trading on the Comex on Monday because of the Martin Luther King Day holiday in the U.S. All electronic transactions will be booked with Tuesday’s trades for settlement. Gold prices tallied a fifth week of gains in a row last week, rising 1.4%. The U.S. dollar remained on the defensive early on Monday as investors continued to price in the risk of tighter policies in Japan and Europe. The dollar index, which tracks the greenback against a basket of currencies, slipped 0.1% to 90.53 after falling as far as 90.39 at one point, its lowest since January 2015. Against the yen, the dollar slipped to a six-week low at 110.73, while the euro was up at a three-year peak of 1.2203 against the greenback

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