Gold prices gained for the first day in three as the dollar weakened against the euro
Gold prices gained for the first day in three as the dollar weakened against the euro, spurring some investors to buy the precious metal as an alternative investment.
The dollar fell after a report showed a slump in U.S. factory output worsened. Gold, which often trades in the opposite direction to the U.S. currency, has gained 20 percent this year, while the dollar has dropped 11 percent against the euro.
Gold for immediate delivery advanced as much as $1.28, or 0.2 percent, to $619.78 an ounce, and traded at $619.30 at 10:31 a.m. Singapore time.
Gold for February delivery gained 60 cents, or 0.1 percent, to $622.20 an ounce on the Comex division of the New York Mercantile Exchange at 10:45 a.m. Singapore time.