Gold breaks months-long rout as Dollar retreats

29.09.2020 - Petr Mazaylo
Gold breaks months-long rout as Dollar retreats

Gold prices were seen climbing above 1%, finally breaking from record lows on Monday, as the dollar slipped from its two-month high perch.

Gold had gone through a record low in six months last week, slumping by almost 5% after the Dollar took the spotlight as investors flocked to the Greenback amid the latest round of global risk aversion.

Spot gold was up ($16.97) or 0.9%, at $1,879.37 by 3:32 PM ET (19:32 GMT) on Monday’s session, after an intra-day high of $1,883.02.

U.S. gold futures scheduled for delivery on December saw a 0.9% ($16) gain, last exchanging hands at $1,882.30 per ounce.

Meanwhile, the Dollar Index, which tracks the greenback’s performance versus six currencies, fell by nearly 0.4%, reading in at 94.317. The figures come after the Greenback saw a two-month high of 94.795 on Friday. The Dollar Index is still up 2.4% for September, accounting for its best return in 14 months.

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