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Gold touches highest mark in 4 weeks

Gold touches highest mark in 4 weeks

LONDON: Gold prices reached to the highest level in almost four weeks since concern that the U.S. Federal Reserve may lower the dollar.

Gold increased 1.2 percent in London Market, extending last week’s 2.7 percent gain. The Bloomberg Dollar Spot Index retreated 0.4 percent to extend its first weekly decline in eight weeks.  Federal Reserve Vice Chairman Stanley Fischer statement at the weekend added to gold and silver value that U.S. rate hike could be delayed by slowdowns elsewhere. Further, gold and silver values also increased on speculation that buying of the metal in India picked up before its wedding season.

Gold for December delivery rose 0.5 percent to $1,227.20 an ounce by 8:05 am on the Comex in New York, after reaching $1,238 earlier today, the highest price since Sept. 17. Gold for immediate delivery added 0.3 percent to $1,227.16 in London.