Gold Flirts With 2-Year High As Dollar Crashes To New Lows

Gold rose to a three-week high on Tuesday as European and U.S. shares fell and the dollar hit its lowest in over a month after last week's soft U.S. growth data dented expectations for a near-term interest rate hike.  

 

Spot gold was up 0.9 % at $1,365.09 an ounce by 2:44 p.m. EDT (1844 GMT), after rising to $1,367.33, the highest since July 11.


U.S. gold futures for December delivery settled up 1 %at $1,372.60.

                                    SPDR Gold Shares saw its biggest one-day inflow since late June, on Monday, while inflows of the six silver ETFs followed by Reuters rose to a record high.

 

Gold for December delivery on the Comex division of the New York Mercantile Exchange jumped to an intraday peak of $1,370.15 a troy ounce, the most since July 11, when prices surged to a more than two-year high of $1,377.50. It was last at $1,369.75 by 12:45GMT, or 8:45AM ET, up $10.15, or 0.75%. The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, sank to a daily low of 95.25, a level not seen since June 24. 

 

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