Gold inches higher as Dollar weakens amid economic woes

03.09.2020 - Korneychuk Evgeniya
Gold inches higher as Dollar weakens amid economic woes

Gold prices closed slightly higher on Thursday after it saw a steep slump during an earlier session as a weakening Dollar and a dampened global economic outlook added the shine to the yellow metal.

Gold futures inched up by 0.19%, trading at $1,948.25 at 12:35 AM ET (05:35 AM GMT).

Meanwhile, the Dollar fell by 0.1% after it saw substantial gains in the previous session, which made gold cheaper for other currency holders.

U.S. business activity and employment saw a jump through late August, the U.S. Federal Reserve said on Wednesday. However, economic growth has remained slow as the COVID-19 pandemic continued to hinder reopening efforts.

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