Gold climbs as dollar weakens

The attraction of gold as an alternative investment has been boosted by a rise in the price of the precious metal.

According to Reuters, the commodity’s value has increased as a result of the dollar falling against the euro.

This has made gold cheaper for investors based outside of the US and, at 08:14 GMT, spot gold was priced at $1,105.65 (£688.314) per ounce, up from the $1,103.80 per ounce figure recorded in New York late last Thursday.

’Gold maintained its momentum, led by gains in the futures market. The euro’s firmness continues to be in favour,’ one Japanese trader was quoted as saying by the news source.

The value of the metal was also boosted by climbing oil prices, however it is still short of the record highs that were reached earlier in December.

Then, the price of spot gold rallied to over $1,210 per ounce as buyers looked to put their money in alternative investments due to the weak dollar.ADNFCR-2318-ID-19532617-ADNFCR