Gold prices rise over 1% amid dollar weakness

Gold prices grew by over 1 per cent on Monday, supported by a declining dollar and increased safe-haven interest following Moody’s decision to lower the US government’s credit rating amidst ongoing trade worries.

As of 12:15 PM GMT, spot gold increased 1.25 per cent to $3,242.67 per ounce, higher than its previous close of $3,202.77. Meanwhile, US gold futures rose 1.88 per cent to $3,247.31 per ounce, down from Friday’s closing price of $3,187.3.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama