Gold ascends for second day on a weaker greenback

On Tuesday, gold tacked on for a second day, as the weaker greenback helped to lift the number one precious metal off recent minimums.

In New York, December delivery gold futures last traded at $1,217.50 per troy ounce, having surged earlier as high as $1,220.85.

On Monday, gold added 0.82%, having dropped to lows of $1,201.30, a value not seen since May 30.

The US dollar index, assessing the greenback’s value against a trade-weighted basket of six key currencies, traded at 101.02, staying below the 13-and-a-half year peak of 101.54 set on Friday.

Before sagging on Monday the major US currency had soared for 10 straight sessions, showing the longest winning streak since May 2012.

Elsewhere in metals trading, December delivery silver futures were at $16.86 per troy ounce, while copper futures reached $2.560 a pound.

Copper prices have ascended approximately 16% so far this month on hopes for surging demand from China and also a soar in infrastructure spending in the U.S. when Donald Trump becomes American president.

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