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Gold backs off one-week high
Gold prices fell today from a one-week high after surging last week on the back of the swooning dollar, but gold's decline today is modest and due to profit-taking mainly.
Gold last traded at $1,244.8 an ounce, down from the opening price of $1,248.0, with a one-week high at $1,248.7, and a session-high at $1,239.9.
Gold's gains last week came as demand surged on the safe haven as expectations of a Fed rate hike tumbled due to the dismal payrolls report.
On the other hand, the dollar kept trading near the lowest level hit last week against a basket of rivals, underpinning the greenback-denominated gold futures.
The dollar index, which gauges the U.S. currency's performance versus a basket of major peers, last traded at 94.05, compared to the opening of 94.11, with a session-low at 94.01, and a high at 94.26, after the index hit a three-week trough last Friday at 93.86 following the dismal payrolls report.
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