Gold hit its highest point in a week, underpinned by falls in the dollar against the euro and weakness in the yen
Gold hit its highest point in a week, underpinned by falls in the dollar against the euro and weakness in the yen, which spurred buying interest in alternative assets.
'Overnight the yen has weakened to multi-year lows against several currencies, as investors seek assets offering strong returns ... with gold and platinum rallying strongly,' said TheBullionDesk.com analyst James Moore.
Elsewhere, the dollar was extending its losses against the euro and lending a bit of support to gold, which often trades counter to the dollar as it is seen as an alternative investment to the US currency.
At 9.46 am, spot gold was trading up at 657.15 usd per ounce against 654.90 usd in late New York trades yesterday, having earlier hit a one-week high of 659.08 usd an ounce.