Gold prices are moving higher Tuesday morning, extending gains to a sixth session, as the dollar continues to trade weak against most major currencies.
Activity is a bit subdued as several stock markets in Europe are close for New Year’s Eve, but gold futures are in line to record their best annual returns in about nine years.
The dollar index is down more than 0.2% at 96.53, extending recent weakness.
Gold futures for February are up $7.00, or nearly 0.5%, at $1,525.60 an ounce, after rising to $1,529.00, the highest level since the last week of September 2019.
On Monday, gold futures for February ended up $0.50 at $1,518.60 an ounce, after moving between $1513.50 and $1,519.10.
The trade dispute between the U.S. and China, geopolitical tensions and the interest rate cuts by the U.S. Federal Reserve’s have all contributed to the bullion’s rise this year.
The material has been provided by InstaForex Company – www.instaforex.com