The price of gold rose to a six-month high on Monday, buoyed by growing conviction among investors that the US Federal Reserve has finished raising interest rates, and a weaker dollar.
Spot gold prices rose 0.6 per cent to $2,014.55 per troy ounce, the highest level since mid-May. The move took the precious metal’s gains since hitting a seven-month low at the start of October to just over 10 per cent, and left it around 3 per cent below its all-time high reached in August 2020.
Gold’s ascent has been supported by a sliding dollar, which has declined about 3 per cent against a basket of six peers in November, meaning that buying the precious metal is cheaper for investors holding other currencies.
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