Gold sees good demand amid weak US dollar

November 29,2022

Gold prices scaled up to highest level in more than a week on Tuesday on the back of weak dollar overseas. Dollar weakened amid news that China reported on Monday its first drop in the number of daily infections in more than a week. China said it would bolster vaccination among its senior citizens, a move regarded by health experts as crucial to reopening an economy stuck in an endless loop of harsh Covid Zero curbs, as per media reports. The Dollar Index, which tracks the greenback against a basket of six other currencies, is currently down 0.3% to 106.30, after rising 0.5% overnight. Meanwhile, bitcoin lingering near a two-year low is also seen supporting the yellow metal. COMEX gold futures are currently quoting up 1.6% at $1768.20 per ounce.

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