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Gold settles higher as U.S. dollar index falls to a nearly 3-week low
Wednesday, 15 November 2017 04:01 WIB | PRECIOUS METALS |GOLDEMASEmas berjangka

Gold settled higher Tuesday for a second consecutive session, buoyed by a drop in a key U.S. dollar benchmark index to its lowest level in almost three weeks.

Uncertainty over the outlook for U.S. tax reform and its potential impact in supercharging the economy also supported the metal™s move higher, hitting investor risk appetite and underpinning gold™s value as a haven asset.

December gold tacked on $4, or 0.3%, to settle at $1,282.90 an ounce after trading as low as $1,269.70. The exchange-traded SPDR Gold Trust edged up by 0.5%.

Weakness in the buck supported gold prices Tuesday. The ICE U.S. Dollar Index which measures the buck against six rivals, eased by nearly 0.8% to 93.786. It hasn™t traded at levels this low since late October. The index also fell sharply late last week. A weaker dollar boosts gold as the falling currency makes the dollar-priced bullion more attractive to investors using another currency.

Source: Marketwatch

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