Gold Prices Surge as Dollar Weakens Amid Soft US Economic Data

The value of gold rose on Monday due to a weaker US dollar and softer economic readings in the United States.

According to data, the dollar index slipped 0.1%, which lowered the cost of greenback-denominated metals for investors using other currencies.

Gold prices advanced 0.4% to reach $4,391.07 per ounce as of 0248 GMT, following a peak above a two-month high in the prior week.

Tim Waterer, chief market analyst at KCM Trade, noted that gold has carried its momentum into the week, with benign inflation data keeping the dollar under pressure and offering bullion additional upside toward the $4,400 threshold.