Gold price rose Monday, as a weaker dollar lifted the metal from recent lows.
Gold for December delivery was up 0.4% at $1,213.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
The Wall Street Journal Dollar Index, which weighs the U.S. currency against a basket of 16 others, was recently down 0.5% at 91.18. Gold is priced in dollars and becomes more affordable to foreign buyers when the currency declines.
Monday’s move came on the heels of a 4.7% decline in gold prices this month, as fading political uncertainty and increasing expectations that the Federal Reserve will soon raise interest rates dragged the metal to its lowest level since February, according to Dow Jones.
Gold pays nothing to its holders and struggles to compete with yield-bearing investments when rates rise.
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