Gold rises near 3-month peak on falling dollar

Gold prices rose on Tuesday, to extend gains for the fifth straight day near the 3-month high hit yesterday, while the US dollar fell against a basket of its peers.

Gold prices rose 0.3% to $1,841.51 an ounce, after opening at $1,835.96, and hit a low of $1,831.29.

Gold gained 0.3% yesterday, and posted its fourth straight daily gain, and hit a 3-month high at $1,845.43.

Gold prices gained 3.5% last week, the biggest weekly gain since July 2020.

The US dollar index fell by 0.2% today, to resume its losses after holding yesterday, diving near its 3-month low of 90.04 points.

The US Federal Reserve repeatedly assured that interest rates will remain low while continuing to buy bonds until inflation rises and the labor market fully recovers, this came after the release of disappointing jobs data, which lowered bets for early tightening of US monetary policy before 2023.

The US economy added just over a quarter of the expected jobs during April, and the unemployment rate rose unexpectedly.

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the highest level since April 8, 2020 at 1,025.15 metric tonnes.