Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Tuesday, the first trading day of 2018, as the U.S. dollar continues its downturn.
The most active gold contract for February delivery rose 6.8 dollars, or 0.52 percent, to close at 1316.10 dollars per ounce, the highest level since Sept. 20.
It was also the eighth session in a row that gold posted gains.
The U.S. Dollar Index, a measure of the greenback against a basket of other major currencies, fell 0.39 percent to 91.92 as of 1821 GMT. A weakening dollar could boost dollar-pegged commodities, like gold, as they become more attractive to foreign investors.
Financial analysts now hold a more optimistic view about the eurozone economy and traders wonder how much the U.S. tax reforms will actually boost its economy.
On the other hand, the strong gains in U.S. equities limited gold' s rise. U.S. Dow Jones Industrial Average went up 57.68 points, or 0.23 percent to 24,776.90 points as of 1831 GMT.
The S&P 500 and Nasdaq followed Dow's upturn.
As for other precious metals, silver for March delivery went up 6.1 cents, or 0.36 percent, to settle at 17.206 dollars per ounce. Platinum for April rose 9.5 dollars, or 1.01 percent, to close at 947.80 dollars per ounce.
The most active gold contract for February delivery rose 6.8 dollars, or 0.52 percent, to close at 1316.10 dollars per ounce, the highest level since Sept. 20.
It was also the eighth session in a row that gold posted gains.
The U.S. Dollar Index, a measure of the greenback against a basket of other major currencies, fell 0.39 percent to 91.92 as of 1821 GMT. A weakening dollar could boost dollar-pegged commodities, like gold, as they become more attractive to foreign investors.
Financial analysts now hold a more optimistic view about the eurozone economy and traders wonder how much the U.S. tax reforms will actually boost its economy.
On the other hand, the strong gains in U.S. equities limited gold' s rise. U.S. Dow Jones Industrial Average went up 57.68 points, or 0.23 percent to 24,776.90 points as of 1831 GMT.
The S&P 500 and Nasdaq followed Dow's upturn.
As for other precious metals, silver for March delivery went up 6.1 cents, or 0.36 percent, to settle at 17.206 dollars per ounce. Platinum for April rose 9.5 dollars, or 1.01 percent, to close at 947.80 dollars per ounce.
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