Gold rises to seven-week high as dollar swoons

Gold prices rose on Tuesday to a seven-week high as the dollar skidded against a basket of currencies to a five-week low, buoying the precious metal.
 
Gold last traded at $1,216.5 an ounce, up from the opening price of $1,203.2, with a session-high at $1,218.8, and a low at $1,203.0.
 
Gold's current rise comes amid mounting demand on the yellow metal after dollar's tumble to a five-week trough, which carried gold past the psychological level of $1,200.
 
Gold's gains come amid higher commodity demand as optimism grows in the markets following British Prime Minister Theresa May's speech, which restored the confidence regarding Britain's exit process from the European Union, which wouldn't be as bumpy as feared as analysts expect Britain to keep close relations with the European counties and achieve trade deals with them.
 
May made it clear in her speech that Britain aims to exit the Union with deals that benefit both sides, and that the exit shouldn't be considered a rift with the European countries, which soothed the markets and buoyed demand on commodities and gold in particular,