Gold Prices Get a Boost From Weaker Dollar

By Anonymous

Gold prices rose Thursday, boosted by a weaker dollar.

Gold for December delivery was up 0.2% at $1,211.30 a troy ounce on the Comex division of the New York Mercantile Exchange.

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently down 0.4% at 88.87, its lowest level since early August. The measure is off more than 2% from its August highs.

A weaker dollar tends to buoy prices for gold and other commodities, which are denominated in the U.S. currency and become more affordable to foreign investors when the dollar falls.

In base metals, copper for December delivery rose 0.4% to $2.74 a pound.

On the London Metal Exchange, zinc for delivery in three months was up 1.2% to $2,445 a metric ton, aluminum was up 0.8% at $2,043 a metric ton, tin was up 0.5% at $18,960 a metric ton, nickel was up 0.9% to $12,625 a metric ton and lead fell 1% to $2,004.50 a metric ton.

Write to Ira Iosebashvili at [email protected]