Gold prices rose in European trade for the fourth straight session on track for weekly gains as the dollar stalled against major rivals with risk appetite improving in the stock market.
However, gold is still on track for its sixth monthly loss in a row, the longest such streak of losses since 2018 as global central banks continue to aggressive tighten policies.
Prices Today
Gold prices rose 0.8% to $1,674 an ounce, after rising 0.1% yesterday, the third profit in a row as the dollar declined against major rivals.
Gold prices are up 1.9% so far this week on track for the first weekly profit in three weeks away from 29-month lows at $1,614 an ounce.
The Dollar Index
The dollar index fell 0.2% on Friday, the third loss in a row, hitting week lows at 111.57 against a basket of major rivals.
US 10-year treasury yields tumbled 2.4% today to week lows at 3.696%, boosting risk appetite in the market and hurting dollar's standing.
It comes in tandem with similar changes in the UK bonds market after intervention by Bank of England to purchase new long-term UK treasury bonds to stabilise the market.
The UK government's recent plan to boost economic growth shook the market and triggered concerns of a potential sovereign debt crisis.
Monthly Trades
Gold prices are down 2.15% so far in September on track for the sixth monthly loss in a row.
Higher interest rates in global markets are conducive to gold investments, in turn hurting prices.
The SPDR
Gold holdings at the SPDR Gold Trust rose 0.29 tones yesterday, the first increase since September, to 941.15 tones.